Marise Payne (NSW, Liberal Party, Shadow Cabinet Secretary) Share this | Link to this | Hansard source

My question is to the Minister representing the Treasurer, Senator Gallagher. Minister, how many funds subject to Labor's doubling of the super tax are self-managed super funds?

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

I thank Senator Payne for the question. I'm not sure I have the exact number with me. I will come back to the Senate with it. But, as I've said a number of times this week, we expect the very modest change that we have announced in relation to lowering the concessional rate for tax concessions for balances over $3 million will affect around 80,000 individuals when it comes into effect, and, of that, there is certainly a proportion which are self-managed super funds. I'll see if I can find the exact number for Senator Payne during question time today.

Sue Lines (President) Share this | Link to this | Hansard source

Senator Payne, first supplementary.

Marise Payne (NSW, Liberal Party, Shadow Cabinet Secretary) Share this | Link to this | Hansard source

Minister, can you categorically rule out any further changes by this government in this parliament to the taxation or regulation of self-managed super funds?

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

The government has made clear that this is the only change to superannuation taxation during this term. This change won't actually come into effect until after the next election, which is something those opposite, who are dying in a ditch on this issue, don't take into account. We have made a very modest change—

I have already answered the question, Senator Birmingham, if you were listening.

Sue Lines (President) Share this | Link to this | Hansard source

Order!

Simon Birmingham (SA, Liberal Party, Shadow Minister for Foreign Affairs) Share this | Link to this | Hansard source

A point of order on relevance. I've been attempting to listen carefully to Senator Gallagher. Her response to what is a prospective question about the government ruling out any further changes appears to be hinging on the change they are currently making. I invite you to draw Senator Gallagher to the question about the government clearly ruling out any further changes affecting self-managed superannuation funds.

Sue Lines (President) Share this | Link to this | Hansard source

I have been listening, and I believe that the minister is being relevant. I'll invite her to continue.

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

If you had listened, I said very clearly that the government has made it clear that this is the only change to superannuation taxation arrangements that we are making this term. This one won't come into effect until after the next election. We have been clear about that. This is a very modest change to a very small number of people who are fortunate enough to have $3 million in their superannuation account.

Sue Lines (President) Share this | Link to this | Hansard source

Senator Payne, second supplementary.

Marise Payne (NSW, Liberal Party, Shadow Cabinet Secretary) Share this | Link to this | Hansard source

Minister, having now broken Mr Albanese's election promise to not change taxes on superannuation and launched an assault targeted at self-managed superannuation funds, why should any Australian trust Labor not to further hike taxes or undermine choice in superannuation?

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

We are upfront about the challenges we've inherited. We have made a very modest change to a small number of people with superannuation balances in excess of $3 million. The average superannuation balance on International Women's Day in this country for women is $140,000. Women retire with less savings in their super, they have less assets, they earn less, and you are—

Opposition Senators:

Opposition senators interjecting—

Sue Lines (President) Share this | Link to this | Hansard source

I'm waiting for quiet on my left. Minister, please continue.

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

I'm finished.