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

I thank the Leader of the National Party for the question. I would like to firstly state that it is important, I think, to go back to the purpose of superannuation when we consider this important reform. Superannuation was a very important reform brought in in the early 1990s. It was for the purpose of providing dignity and certainty in retirement for people across the Australian population. That is an extremely important piece of context, because this reform that we are talking about is very important in improving the sustainability and the fairness of the superannuation system.

I would like to add that this reform will apply only to around half a per cent of member balances. It is going to apply only to balances of $3 million or more—balances that are well above what is needed for people to achieve dignity and certainty in retirement. I also want to stress that this reform will still provide concessional tax treatment for that part of the balances over $3 million.

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