Stephen Jones (Whitlam, Australian Labor Party, Shadow Assistant Treasurer) Share this | Hansard source

Before I was interrupted yesterday, I moved a second reading amendment. I understand that the member for Moreton is very, very keen to second that amendment but has not yet done so.

Our superannuation system is a significant national achievement. It sits alongside the Pharmaceutical Benefits Scheme, Medicare and the National Disability Insurance Scheme as something that has made our nation stronger and something that all Australians are very proud of. Fifteen million Australians hold superannuation accounts. Most of these funds are performing pretty well: 16 per cent per annum average return over the last 10 years. There are around $2.8 trillion in assets—that's more than 140 per cent of gross domestic product. Under current settings, that will grow to $9.5 trillion by 2035, expanding the pool of funds available for investment in local infrastructure and a stream of earnings from foreign investments. It's also strengthening our current account balance. Under current policy settings, the median balance on retirement for full-time workers will be $310,000 for women and something approaching $630,000 for men—a gap that we need policy settings to close.

Despite the low level of engagement, generally superannuation enjoys popular support. More than 91 per cent of Australians strongly support the superannuation system, a level of popularity that every member in this place could only hope for. That's a higher approval rating than the ABC's. The success and popularity of super does not mean it's perfect. We know there are issues that need to be dealt with, issues which demand the attention of government and industry. Unpaid superannuation totalling almost $6 billion per annum is one of those issues.

My deep concern, and the concern reflected in my second reading amendment, is that focus is being distracted away from these issues by the constant campaigning by members opposite to destroy our superannuation system, to undermine what we thought, going into the last election, was a bipartisan position that the legislated increases from 9.5 per cent to 12 per cent between 2021 and 2025 would persist. And yet we have a persistent noise, a persistent campaign being raised by in excess of 12 members opposite—we call them 'the dirty dozen'—who each takes home 15 per cent in superannuation, which is, for some reason, fair for them. It's very fair for members of this place to enjoy 15 per cent superannuation, but it's somehow unfair for the people who clean their offices, the people who work in this place, the people who struggle on part-time jobs to make ends meet to only receive 9½ per cent superannuation.

We call on the Prime Minister to bring these rebels into line. We call on him to bring these rebels into line, because nothing is undermining the success of superannuation more than the constant policy change and the constant noise coming from the members of the government who are saying: 'It does not matter that we went to the last election promising 12 per cent superannuation for Australian workers; that promise does not matter. We want to junk that in this term of office, and we want to ensure that everyone is frozen on nine per cent, so cutting their superannuation entitlements.' It's time for the Prime Minister to bring these rebels into line. I see the member for Hughes up there making a big noise. It's always the empty can that makes the most noise, and the member for Hughes makes a lot of noise indeed. He's at the frontline of the dirty dozen, saying, 'The people who clean my office are not entitled to the same levels of superannuation as I am.'

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