Pat Conroy (Charlton, Australian Labor Party) Share this | Hansard source

We should support retirement savings, but it has to be done in a fair way. Labor will do what this government is too frightened to do. We will introduce a concessional tax rate of 15 per cent on all income derived from super of over $75,000 and reduce the threshold at which the higher 30 per cent tax rate is applied to superannuation contributions from $300,000 to $250,000 a year. We will take our policy to the next election and we will explain to people why it is necessary and why it is fair. There are many who say we need to do this. The government's own financial systems inquiry points to this issue. Their tax discussion paper points to this issue. The Treasury secretary and leading economists all agree that these concessions are unsustainable and open to misuse.

There are some who say we do not go far enough or prefer to see this over changes, such as amendments to the part pension assets test. But those people are not on that side of the House.

Mr Nikolic interjecting—

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