Paul Scarr (Queensland, Liberal Party) Share this | Hansard source

I'd say to Senator Payman: I've got my own library and I don't need to take a leaf out of anyone else's book. But I did enjoy seeing her having fun making her contribution here today, and I acknowledge her contribution.

There are two fundamental issues we have in relation to this issue of the superannuation changes. The first is the legitimate expectation of the Australian people that people who are elected in this place, especially if they're from the governing parties, will say before an election what they plan to do and then actually do it and also will say before an election what they're not going to do and then not do it. That's the first issue we have.

Let's go through it chronologically. This is all on the public record. Prime Minister Albanese said on 31 January 2022:

We have not planned for any changes on superannuation.

Barely one year later, promise broken. Our Treasurer, the Hon. Jim Chalmers, member for Rankin, said:

Look, we've said about superannuation that we would maintain the system.

Our Treasurer said that on ABC Insiders on 27 March 2022, less than 12 months ago—promise broken. And then our Prime Minister again:

We've said we have no intention to make any super changes.

That's our now Prime Minister, speaking on 2 May 2022—promise broken.

That is the fundamental issue in this debate: broken promises from the now Labor government. They said in opposition that they wouldn't do certain things. They get into government. Less than 12 months later, they do exactly what they promised not to do, and that will quite legitimately shake the Australian people's belief in the integrity of this new government. They have said one thing before an election to get elected and then done the opposite thing after an election. To be frank, it impacts all of us. It impacts all politicians, because we all suffer a bit when someone makes a promise before an election and doesn't carry it through. That's the fundamental problem we have here: the government saying one thing in opposition and doing the opposite when they get elected.

The second issue we have here is the notion that you should tax unrealised capital gains. I don't know where this concept came from, but it doesn't make any sense. In superannuation, you want to keep your investments stable over the longer term. You shouldn't be forced to sell them in order to meet a tax liability. It doesn't make any sense. I don't know where the government got this advice from.

My colleague Senator McKenzie asked a very legitimate question of the finance minister with respect to the position of farming families who hold the family farm in a self-managed super fund. It's quite reasonable that tax is paid on the rent that's paid by the individuals to the self-managed super fund which owns the farm. No-one's going to quibble with that. We wouldn't cavil with that at all.

The problem under the laws as proposed is that, if the price of the farm fluctuates upwards because of high rainfall, good markets et cetera, it could create a tax liability which would require the liquidation of the farm in order to meet the liability. That is the fundamental issue. And it isn't just me saying this; it is the National Farmers Federation. These are not the words of a politician, but the words of the peak body representing farmers. It said:

Australia's peak farming body has warned that superannuation changes announced by Treasurer Jim Chalmers could cool investment in agriculture, unless the detail is worked through with farmers.

…   …   …

"Yesterday's announcement throws up significant uncertainty for family farms—with scant detail on things like grandfathering, treatment of revaluations, or how this might impact lending in a climate of rising costs and interest rates.

These are not my words. They are not the words of a politician but those of the peak body representing farmers. The farmers in my home state of Queensland deserve to get answers from the Minster for Finance in relation to those questions.

Question agreed to.