Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

Senator Cormann makes an assertion around costs and families, and I respond in this way. What will push up the costs for families is the rolling back of the tax cuts we are giving, the rolling back of the family tax benefits we are giving, the rolling back of the pension rises we are giving, the rolling back of the allowances we are giving and the rolling back of the tripling of the tax-free threshold, which we know will deliver tax cuts to all Australians earning under $80,000 a year. The harsh reality, which appears to have meant that Senator Cormann got rolled in relation to his position on superannuation, will I suppose at some point occur to the opposition party room—that they are locked, because of their blood oath, into a position where they will have to tell Australians they want them to pay more income tax, they want lower pensions, they want lower disability support pensions and they want lower family tax benefit. All of those things are linked to the package of bills just passed today which they have committed to rolling back.

So, if the opposition think they have got a problem when it comes to superannuation, the same problem will arise when it comes to the carbon price assistance package, because inbuilt in that package is an ambitious tax reform element, an ambitious tax reform package, which will triple the tax-free threshold—a tax cut for every person in Australia earning up to $80,000 a year. It is all to be rolled back by Mr Abbott—that is part of the blood oath. Pension increases are to be taken away from aged pensioners—that is part of the blood oath. Disability support pension increases and carer allowance increases—all to be taken away by Mr Abbott. That is part of your blood oath. This is the problem when all you can do when it comes to policy is say no. This is the position in which you find yourself.