Peter Costello (Higgins, Liberal Party, Treasurer) Share this | Hansard source

She goes on to say:

That’s a pretty big mouthful, coming from a lifelong ALP supporter and former Labor minister. My political history to the contrary, I believe Costello has a lot to boast about.

There we go—we’re getting a bit of leadership from a former Labor minister. Back in the old days, when the Labor Party used to have policy, they would actually announce where they stood on these things. Instead of engaging, as Mark Latham called it, in ‘scab-lifting politics’—running around trying to find a little place where they can lift a scab and try to cause trouble—once upon a time Labor had leadership and Labor had policy. But that was long before the member for Brand. At the rate he is going, he will be here a long time with his policy backflips. When he has backflips, they shake the earth. It was no little ripple in the Sydney Town Hall—the earth moved for the whole of Australia.

I digress. Yesterday the government announced that the $150,000 entitlement for post-tax contributions could be averaged over three years. In addition to that, one year would count from budget night to 30 June. That would mean that a person has an entitlement to put in $150,000 of post-tax contributions between the period starting on 10 May and 30 June. In addition to that, three-year averaging means that you can put in, in any one year, $450,000 of post-tax contributions as long as you do not put in anything else in the two years thereafter—that is, the $450,000 would take up the entitlement of three years. In order to protect against the backdating for years that have not been taken up, it will be on a ‘use it or lose it’ basis. So anybody can put in $450,000 as long as they do not put in anything for the two years thereafter. 

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