Don Randall (Canning, Liberal Party) Share this | Link to this | Hansard source

My question is addressed to the Assistant Treasurer. Will the Assistant Treasurer update the House on how the government is delivering stability to Australia's superannuation system and security for Australian retirees?

Josh Frydenberg (Kooyong, Liberal Party, Assistant Treasurer) Share this | Link to this | Hansard source

I thank the honourable member for Canning for his question and acknowledge his strong contribution to protecting people's retirement savings. There are 14 million retirement savings accounts in Australia, holding some $2 trillion. We recognise that superannuation is the hard-earned savings of Australians, not a piggy bank to raid as a desperate measure to fix a budget black hole. That is why we on this side of the House have committed to no adverse or unexpected changes to superannuation this term.

I am asked am I aware of any challenges to this approach. The greatest challenge comes from the Leader of the Opposition and those opposite and their chaotic policy. Let me replay some of Labor's super greatest hits. In 2007, Kevin Rudd said he would not change superannuation one jot, one tittle—then we had $9 billion of additional taxes on super. In 2013, Labor added a new tax on earnings on super above $100,000, but in 2015 they reduced that threshold to a new tax on super above just $75,000. In 2013 they said they would index those thresholds. In 2015 they said they would not index those thresholds, affecting more Australians. In 2013 they promised that for five years they would not make any changes to super, and in 2015 we now have two additional taxes on super.

Superannuation is the Labor Party's budget pinata—there is the Leader of the Opposition, with his big stick, ready to whack superannuation. We have the member for Watson putting the little black mask over the Leader of the Opposition's eyes, we have the member for Fraser waiting to collect the money, and then we have the member for Lilley saying 'What about me, I want to be involved in this, I haven't retired just yet.' The Labor Party just cannot be trusted on super. The Leader of the Opposition said on 22 April this year:

… these are the final and only changes Labor will make to the tax treatment of superannuation.

But, less than one month later, the shadow Treasurer said at the Press Club:

… what we have flagged is that we are still doing work on other aspects of superannuation policy.

Do not look at what Labor say, look at what Labor do. They just cannot keep their hands off Australians' hard-earned savings in super.