Katy Gallagher (ACT, Australian Labor Party, Shadow Minister for Finance) Share this | Link to this | Hansard source

My question is to the Minister for Finance representing the Prime Minister, Senator Cormann. Reports in today's Australian newspaper reveal that at least seven members of the government, including your colleagues Senators Rennick, Stoker and Paterson, are publicly lobbying to stop the legislated increases to the superannuation guarantee from 9½ per cent to 12 per cent. Minister, can you rule out any changes to the timetable for the legislated increases to the superannuation guarantee as they are contained in the Superannuation Guarantee (Administration) Act 1992?

Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Link to this | Hansard source

Yes.

Katy Gallagher (ACT, Australian Labor Party, Shadow Minister for Finance) Share this | Link to this | Hansard source

Earlier this year, ASFA, the Association of Superannuation Funds of Australia, found that an average worker aged 30 and earning $70,000 a year would be about $1,000 worse off in retirement if the rate of SG remained at 9½ per cent as opposed to moving to the legislated 12 per cent. Can the minister guarantee that Australian workers will get superannuation increases as they are currently legislated and that the Prime Minister won't cave in to calls from his backbench to reduce working people's retirement incomes? (Time expired)

Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Link to this | Hansard source

I refer the honourable senator to my previous answer.

Katy Gallagher (ACT, Australian Labor Party, Shadow Minister for Finance) Share this | Link to this | Hansard source

Minister, how can Australians trust this government with their super when successive governments have opposed superannuation and any increase to the superannuation guarantee rate, including stopping the planned superannuation guarantee increases back in 2014?

Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Link to this | Hansard source

In the lead up to the 2013 election we took a policy position openly and transparently to the Australian people. The Australian people endorsed our plan and we acted consistently with the plan we took to the 2013 election. In relation to the remainder of the question, I refer the honourable senator to my previous answers.