Bill Shorten (Maribyrnong, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

I would like to thank the member for La Trobe for her question. She understands that there will be 53,600 voters in her electorate who are going to get an increase in superannuation because of the government's mining tax. In fact, it is fair to say that the MRRT is unmistakably good news right across the Australian economy, especially for people saving for their retirement and for Australia's 2.7 million small businesses.

And why wouldn't it be good news—nine to 12 per cent in compulsory savings and the instant right-off and tax benefits for small business totalling up to over $10,000? Why wouldn't it be good news for the Australian economy and for Australians that people earning under $37,000 will get back all of the concessional tax that they have paid on superannuation? In fact, why isn't it good news for small business and all Australians that we will see a mining tax driving productivity focused infrastructure investment in the mining states?

But, of course, there are some here who still do not support the mining tax—which is a matter of some bemusement. Why shouldn't the Australian people get a dividend back for the hospitals they have funded that look after the workers that go in the mines? Why shouldn't the Australian people get a dividend back for the schools, the education and the training that they have provided for the workforce that makes the profits for these companies? Why shouldn't the Australian people get a dividend throughout the whole of the Australian economy—because it is their taxes that have helped fund the infrastructure which allows these mining companies to make their remarkable profits?

Lifting superannuation is just fiscally responsible. It is good for the whole economy. As a result of us having 12 per cent compulsory retirement savings by 2030, I suspect it is likely that we will have $10 billion less to pay in age pension outlays. I believe there is no doubt that, because we have $1.3 trillion in savings, Australian enterprise will be less reliant on foreign capital.

I am asked how it important it is to the parliament. I have looked back—as I am wont to do—to see what people in this place have said in the past, and I found an interesting quote from the member for Warringah, on 25 September 1995. Always remember that what you say comes back to haunt you. The member for Warringah said:

Compulsory superannuation—

wait for it; you will not believe he said it then—

is one of the biggest con jobs ever foisted by government on the Australian people.

A government member: He still believes it.

Well, in fact, he does still believe it. When he was talking to Melbourne Talk Radio on 4 May 2010, Mr Price, the journalist, asked Mr Abbott: 'What do you think about increasing from nine to 12?' and the Leader of the Opposition said:

I don't support this change. That is what I am saying, Steve.

Mr Price then asked:

So it'll stay at 9 under you?

And Mr Abbott said:

Yes, that's right. I am not proposing this. It isn't our policy. We are deeply sceptical ...

Mr Price then went on to say:

So let me get that clear—you would leave the contribution rate at 9?

Mr Abbott:

I have no plans to change it.

Well, at least until 8 November this year. What a backward somersaulter this fellow is who is running the opposition.

Those opposite are going to move their own amendments to the mining tax—fair enough—but then they are still going to vote against it. So what is the point of moving amendments? They say that they are against the 12 per cent and then they roll Andrew Robb in the opposition, and now they say that they are going to keep the 12 per cent. But, of course, what do you do when you do not support the 12 per cent? You abstain. So they have been against it and now they are going to abstain. They believe superannuation is a con job, but now he says that he wants to abstain—although there are some synonymous, if not valiant, members of the coalition secretly backgrounding the media saying that they support the mining tax. But I think the cracker is that, regardless of superannuation and regardless of the tax, they want to give $11 billion back— (Time expired)

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