Shayne Neumann (Blair, Australian Labor Party) Share this | Hansard source

I notice that those opposite have, of course, not supported that. That is a sad thing, because we are talking about a 30-year-old person having $108,000 more in superannuation when they retire. Just for the benefit of the member for Moncrieff, who is in the chamber, 43,500 people in my electorate will benefit from the increase in the superannuation guarantee from nine percent to 12 percent. I daresay that a similar number of people in his electorate will benefit. It is tragic that he did not support that legislation.

In March 2011, there was $1.36 trillion invested in superannuation. The market fluctuates, we know, but over the long term superannuation has delivered a very healthy return for investors and for Australians. That is a creation of a federal Labor government, because it is only we on this side of the chamber who are committed to doing that.

Increasing compulsory superannuation will benefit the retirement savings of all Australians. We think that is a particularly important thing, just as we think about the reforms associated with that legislation, like benefiting the 10,700 small businesses in my electorate that will benefit from the cut in the company tax rate. So there are a lot of important things that we are doing: superannuation, in terms of low-income earners—23,600 residents in Blair will get extra superannuation contributions. This government is adding to the superannuation nest eggs of people in my community as well as across the country. Schedule 1 of this legislation is about making sure that the people of Blair, and the people of Australia, get the benefit of the portability of superannuation, making sure they do not lose their superannuation, making sure they live their retirement with dignity and respect.

We are committed, on this side of the chamber, to high-skilled, good wages. And we are committed on this side of the chamber to small business. We are committed by reducing the company tax rate. We are committed by investing in infrastructure, in skills and in training. We have done that; those opposite have not.

It is almost a road to Damascus conversion experience from those opposite—actually now supporting good pieces of legislation, reforming the tax system and reforming superannuation. And if, like Saint Paul on the road to Damascus, this is when they have seen the light, we are very pleased and we support the legislation.

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