Gerard Rennick (Queensland, Liberal Party) Share this | Hansard source

My question is to the Minister representing the Treasurer, Senator Gallagher. ATO figures show that the median superannuation balance for males aged 60 to 64 is $211,000 and for women $158,000, below the pension asset threshold of $314,000. This means that over 50 per cent of people about to retire will still receive a full pension, the same percentage of retirees when superannuation began in 1992. Superannuation tax concessions cost the budget $50 billion a year plus $30 billion in fees, yet most of these concessions and fees go to the upper 30 per cent of income earners. The pension funds 70 per cent of retirees at a cost of $54 billion. Why does the Albanese Labor government believe that superannuation can provide a good retirement for low-income earners when it clearly isn't achieving that goal?