Lindsay Tanner (Melbourne, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

Thank you, Mr Speaker. I can correct the observation made by the member for Dunkley. The increase in the superannuation guarantee from nine per cent to 12 per cent does, in fact, have a significant cost to the budget of lost revenue because of increased concessionality of superannuation contributions. And guess how that cost to the budget is going to be paid? From revenue from the Resource Super Profits Tax along with a cut in tax on small business, along with a cut in company tax generally and along with a greater investment in infrastructure for resource dominated states. That is where the money is going.

In conclusion, the Australian people deserve a better return from the resources that are exploited in their name and they deserve that return being dedicated to investment in wealth creation for the long-term sustainable growth of the Australian economy. That is precisely what this government is proposing to do, and that is precisely what the opposition is trying to stop.

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