Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Hansard source

Thank you. Superannuation accounts are individual accounts owned by individual members, which are subject to taxation as they currently are. Superannuation currently has tax arrangements that apply to it. The change that we are making is for a very small amount of people who are fortunate enough to have more than $3 million in their accounts that they pay a concessional rate of 30 per cent on earnings over $3 million. It's a very modest change to the arrangements that have been put in place. As people in this place know, superannuation is based on individual accounts.