Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Hansard source

I am delighted to take the question, Madam Speaker.

The member pretends! It was a lot less than he pretends, but he is voting to increase regulation.

Mr Frydenberg interjecting—

You just did! You just voted to increase regulation on Australia's small businesses and you will be held to account for it. You will be held to account for it for the next three years. It is right and proper that democracy acts in the other place. The other place now has the right to vote on this bill, which this government has just enacted in this House.

In this House and the other house there are people looking for a voice. There are people on low- and middle-incomes looking for a voice. In fact, one in three Australian workers say, 'Why don't I get a tax concession when I save for the future? Why don't I get, not a large tax concession, not a huge tax concession, but just some help to save for the future?' I invite honourable members to explain why they think it is fair that somebody who happens to earn under $37,000 gets zero tax support for saving for their retirement. Zero! The government thinks it is fair that somebody with more than $2 million in their superannuation account gets an increased tax concession but somebody who earns less than $37,000 gets none.

We just do not think that is unfair: we fixed it. We fixed it in office by saying to Australia's low- and middle-income earners, 'You deserve a bit of support. If you're going to save for the future, you deserve a bit of help. You deserve a 15 per cent tax concession so that you can save for the future and you don't have to rely on the age pension, because we think that's fair.' That is what our values tell us is right.

Our values tell us that it is right and proper that a shop assistant, a factory worker or somebody who is working away to try and earn $37,000—whether it be full-time or part-time—deserves a bit of help; they deserve a bit of support. The Abbott government—which some people on under $37,000 would have voted for, and they have been betrayed by this government today—says, 'You're on your own. We don't care if you can save for the future. We're going to take away your tax concession. But we can afford to give one to you if you've got more than $2 million in your superannuation account. That's fine. We can afford—' (Time expired)

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