Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Prime Minister. The chair of the Financial System Inquiry, David Murray, the Treasury secretary, John Fraser, and the government's own Commission of Audit all back reform of superannuation tax concessions. Will the Prime Minister admit he is wrong to rule out reforming superannuation tax concessions?

Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Link to this | Hansard source

It is quite interesting, isn't it? The member for McMahon has now put himself into a world of hurt, because he describes superannuation tax concessions as indefensible. Today he said it was indefensible to continue one more day with superannuation taxation concessions. Not only that, he is running around misrepresenting the tax expenditure statement.

Scott Morrison (Cook, Liberal Party, Minister for Social Services) Share this | Link to this | Hansard source

What are those concessions?

Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Link to this | Hansard source

That is a good question from the minister. What are those concessions? I will tell you. Most of those concessions were introduced by the Labor Party. They are so appalled at the concessions that they want to repeal the concessions they themselves introduced. Their problem with the concessions is that the value of superannuation is rising. People's superannuation is increasing as asset values improve and as individuals create wealth. How good is that? We want people to have more money. We want all Australian workers to have more money. We want them to have more superannuation. We want them to have more money in their pockets for their retirement. And yet the Labor Party says that is unfair. The Labor Party says that the wealthier you are, the more money you have in your super—as an average worker or anyone else—the more outrageous it is. And this is after they actually facilitated it.

They wanted to give certainty and stability to superannuation, but they changed it when they were in government. There were $9 billion of changes. They introduced 12 changes. And Labor is so appalled by the superannuation system which they helped to create that they say it is indefensible to continue with the existing system. How extraordinary. Let us get it right: Labor not only wants to raid your savings accounts and wants your house to fall in value, but they want you to have less money in your superannuation. What is it with you guys? You are always good at spending other people's money—in this case, the money of hardworking Australians who put aside money in their superannuation, and have saved up to pay off the mortgage on their home, and have put money in their savings account. Labor wants to raid every single bit of wealth creation by everyday Australians. Now, they are all indignant about it. I tell you what, it was a clanger from the member for McMahon. He has belled the cat on this one. He says, 'What is happening in superannuation is indefensible', and those words are going to swing around his throat.