Daniel Mulino (Fraser, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

I thank the honourable member for the question. What I can confirm is that the total number of members who will be affected, as the Treasurer has confirmed, is roughly in the order of 80,000. I think when it comes to drilling down into smaller categories than that, it is difficult to ascribe a particular number to particular types of business.

What I can say is that the overall number of funds affected by this is in the order of half a per cent, across both defined contribution and defined benefit, across the entire category of all members. That's a very small fraction. It's a very targeted and measured policy which is going to improve the sustainability and fairness of this. This is something which will only affect funds with a total amount of investments within those funds which are significantly higher than that which is required for a dignified retirement, that are significantly higher than the amount that was required for the intended purpose of this policy, going back to its original intent.

Can I just reiterate that this is a policy that will see concessional tax treatment for all funds—the amount up to $3 million and the amount above $3 million—all of the earnings, be treated concessionally. This is something which is very balanced, very fair and very reasonable.

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