Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Hansard source

I thank the honourable member for the question.

The fact of the matter is that the best way you can help to grow the pool of superannuation in Australia is to have a strong economy; to have a strong economy with profitable businesses, improving real value in real estate and people in jobs. From our perspective it is hugely important that we also ensure that we can afford what is going to be a significant growth in superannuation contributions over the long term.

I do want to remind the honourable member for Sydney of a history that she was very much part of. In 2007 Kevin Rudd said that there would be no change to the superannuation laws—not one jot nor one tittle. And we know it is an accurate quote because only Kevin Rudd would say something like that, right? So, one jot and one tittle! In the 2009 budget Labor hit low-income earners earning less than $30,000 a year, and hit them with what was called a 'temporary measure' that was going to cut $1.4 billion from people earning less than $30,000 a year. Strike 1.

Strike 2: they said that temporary measure the next year was going to be permanent and they said that would be an additional $350 million. Strike 2. But in the same budget they hit the low-income earners again. In the 2010 budget they said income thresholds would no longer be indexed by inflation.

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