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

We'll try and get through this as soon as possible. It's been a long night for all members. The opposition will agree to the Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill 2021. It makes a number of important changes relating to how our superannuation system works in the interests of all Australians. The central piece of this bill is one which is Labor Party policy, something we took to the last election. It'll amend the Superannuation Guarantee Administration Act to remove the minimum monthly earning threshold of $450 for wages or salary to count towards the superannuation guarantee levy.

Schedule 2 concerns the First Home Super Saver Scheme and will amend Taxation Administration Act to raise the maximum releasable amount of voluntary super contributions that can be put forward towards the scheme from $30,000 to $50,000—an entirely sensible move, given house price inflation over the last two years.

Schedule 3 amends the Income Tax Assessment Act to reduce the age of eligibility from 65 to 60 at which Australian taxpayers can make downsizer contributions to their superannuation from the proceeds of selling homes. Again, it's a sensible move that creates mobility within the housing market and enables people to downsize and contribute surplus funds towards their superannuation savings, freeing up that cash for retirement income purposes.

Schedule 4 amends the same act to apply a work test to individuals aged between 67 and 75 who claim a deduction for personal superannuation contributions. Again, that's not controversial from our point of view. Schedule 5 amends the act to allow trustees of super funds to choose a method of calculating exempt pension income when they have both an accumulation phase and a retirement phase membership—something we're going to see a lot more of over the coming years as fund values increase and people transition to retirement. Again, that's a matter that we concur with the government on. Finally, schedule 6 will amend the Income Tax (Transitional Provisions) Act to extend the temporary full expensing regime by 12 months to 30 June this year.

I want to take the rare opportunity in a chamber which is usually full of rancour to congratulate the senator from Victoria, Senator Hume, who has personally worked hard to ensure that what was Labor Party policy is now government policy and soon to be law in relation to the $450 threshold. It's an incredibly important issue, particularly for women and gig workers or workers who have multiple jobs, none of whom would earn, individually, $450 a month. This will benefit low-paid workers, and it has widespread support across the business community and the union movement. I thank the unions who have been involved in the campaign. It's a particularly important issue for retail workers, hospitality industry workers and gig workers. It's a sensible move.

I won't detain the House anymore. We've all been here a long time. Let's not waste too much time in agreeing.

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