Bill Shorten (Maribyrnong, Australian Labor Party, Leader of the Opposition) Share this | Hansard source

We asked the government today: what is the impact on national savings? They have no idea. We asked the government today: what does it mean for increased Commonwealth expenditure on the age pension? We asked the Prime Minister, in a triumph of hope over experience that he would answer it, but he did not fail us. He did not answer the question. There is no modelling here. I challenge the Prime Minister right here, right now: show us your modelling which indicates the impact on the pension, on people's accounts and on the national savings profile of this nation. They have no idea what they do.

The government are happy to hold back increased superannuation for nearly nine million Australians. They are happy to do that. But what they are also happy to do is extend the tax break for people who earn over $100,000 in interest on their superannuation savings. They are happy to look after a very small number of people but do over nearly nine million people. I repeat that: when it comes to people who have millions of dollars in their superannuation and they earn over $100,000 in interest each year, the government says, 'No worries; you get that for free.' But they will make everyone else work to age 70.

As I said, we now see what is a remarkable act of faith by the Treasurer, not necessarily borne out in today's caucus meeting, I might add. I do note that the Prime Minister, according to Fairfax, had to slap down the Treasurer after a stoush over GST anger. Hang in there, Christian Porter, you will get a promotion eventually!

We now see the government are going to give Joe Hockey, the man who inspires such confidence in the night musings of the backbenchers, especially their marginal seat members, control of when we get superannuation increases. This Prime Minister says, 'You'll eventually get to 12 per cent in 2025.' Thank goodness!

Always with 'tricky Tony' watch the fine print, because I have no doubt that that will change. In fact, from what they have said, it can take as long as 2034.

Why is this government so against improving the pool of national savings? I love this mob opposite for their sheer effrontery. They have got more front than Myers, this mob opposite. If they were at a superannuation conference they would say, 'Oh, it's great the pool of national savings—$1.6 trillion. You'll love it, Joe. You'll love superannuation.' You would beat your chest, you would chomp around and you would blow hard about superannuation. But the problem is that when you have a chance to do something about lifting superannuation you chicken out every time. I have never seen an increase in super that these people opposite have not voted against. What they do is damage the retirement incomes of ordinary Australians.

This government has form in damaging superannuation. They have gone after the low-income superannuation contribution. The low-income superannuation contribution was enacted by former Treasurer Wayne Swan. He stands up for the low paid in our community. What he said in his legislation and what we say now is: why on earth should 3½ million people—and the government should listen to this; they might learn something—

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