Fatima Payman (WA, Australian Labor Party) Share this | Hansard source

I'm really glad to be here again to respond to the ridiculous claims being made by the opposition. I'm happy to explain, in detail, exactly the modest proposal we have made. Apparently some of you still don't get it. First, I want to ask where this passion and concern was when you were in government. You have left us with a trillion dollars of debt and nothing to show for it. So why now is there hysteria as we propose these modest changes to repair the budget? The hypocrisy from those on the other side is astounding, and Australians can see right through it.

Our Treasurer, Jim Chalmers, has always been honest and open with Australians, and we're happy to continue having this conversation. We're making modest adjustments to superannuation tax breaks for earnings on balances above $3 million. This change won't come into effect until after the next election. Ninety-nine point five per cent of Australians with super accounts will keep receiving the same generous tax breaks and 0.5 per cent of people with balances above $3 million will still receive tax breaks, just slightly less generous. There will continue to be no limit on the amount of money that people can put into super in the accumulation phase, and it applies to future earnings. It's not retrospective.

Since coming to government, we've been upfront about the challenges facing the economy and the budget. We inherited a trillion dollars of debt as well as growing spending pressures in defence, health, aged care and the NDIS. This is about responsible economic management, something I think those on the other side have yet to wrap their heads around. Right now, Australians are making hard choices around the kitchen table about their priorities, and it's important that the government does the same thing around the cabinet table.

Today, on International Women's Day, I also want to acknowledge that gender inequality exists within super. Women retire with less than men, and the average super balance of a woman is in the order of $140,000. The Labor Party is serious about doing more to address inequality while also repairing the budget. Part of addressing that is dealing with wage rises for feminised industries in which women are typically underpaid, such as aged care, which we have delivered already.

Our highest priority is targeted cost-of-living relief in the budget, while the Liberals' highest priority is bigger tax breaks for people who already have tens of millions of dollars in super. I think it's about time the opposition had a look in the mirror and got serious about helping Australians who need it. You could have chosen to rise to the moment and get serious about working for all Australians, but, instead, you've jumped straight into stoking fear and division.

The Liberals know, as well as we do, that they've left us with a trillion dollars of debt, and so it really astounds me that they now want us to borrow more money to subsidise people with millions of dollars already in their superannuation accounts. Is this really the hill you want to die on? Is this really more important than energy bill relief for pensioners, than more affordable housing for women fleeing domestic violence, than supporting manufacturing jobs? What about cheaper child care for families? I certainly don't see it that way. And, after hearing the contributions from senators opposite, I am even more thankful that the adults are back in charge.

We have to address the challenges in the budget. There's no getting around that, no beating around the bush and no burying our heads in the sand. We could make tax concessions for people with millions of dollars more sustainable, making the system fairer for everyone, or we could go after the most vulnerable like the Liberals did with robodebt and attacking Medicare.

I'm proud of our choices and I'm proud that our Treasurer and Prime Minister have been upfront with the Australian people. Don't forget that it was the Australian people who voted for us to clean your mess, the decade of delay, denial and destruction that you left them in.