Chris Pearce (Aston, Liberal Party, Parliamentary Secretary to the Treasurer) Share this | Hansard source

Mr Deputy Speaker Scott, you and the parliament are aware of the government’s announcements on budget night regarding superannuation, but let me remind the member for Hunter that what we have proposed and put forward is the most significant reform to Australia’s superannuation policy framework in decades, and that has largely been driven by this government’s desire to ensure that people, Australians, can save for their future and be prosperous and enjoy their retirement. Of course, it is a very important underpinning of our structural economy, particularly as it relates to some of the demographics that we are experiencing, like the ageing of the population.

It is very important that wherever we can we incentivise people to save for their retirement. There have been a lot of calls, including calls from all quarters of the community, to simplify superannuation tax, and so we have done that. We have cut through all of that by simply saying that where your funds are in a taxed fund, whether or not you take that as a lump sum or as an allocated pension, there will be no tax at all. This is a very positive initiative. We have embarked upon a consultation period, as the member for Hunter identified, and the government are now going through and will be looking at those submissions, and we will be putting out our position in terms of legislative proposals going forward.

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