Zoe McKenzie (Flinders, Liberal Party, Shadow Assistant Minister for Mental Health) Share this | Hansard source

I rise today to speak out against Labor's new tax on superannuation, a tax that doesn't just target the wealthy but also hits at the heart of my community on Victoria's Mornington Peninsula. Under Labor's plan, anybody with a super balance over $3 million will see their tax double from 15 per cent to 30 per cent. But here's the kicker: that $3 million threshold won't be indexed. That means it is not just today's retirees who are being caught but thousands of hardworking Australians who will be swept up in the years ahead, including many on the Mornington Peninsula.

Flinders is home to 1,900 people who have already reached the threshold according to research from the Association of Superannuation Funds of Australia. That's 1,900 locals who played by the rules, saved responsibly and are now being punished for it, and they won't be the last. The Mornington Peninsula is a popular retirement destination for many who are attracted by the natural beauty of our area, temperate climate and, at least until recently, more affordable housing. They have worked hard, invested wisely and done exactly what governments have been telling them to do for decades: be self-reliant and save for their own retirement. My community is not asking for handouts; it is asking for fairness. Our electorate's retirees are wise, experienced and deeply community minded. A good society looks after its older citizens and does not penalise them for saving for their retirement. These people have spent years contributing to our community and deserve better. They deserve better from this punishing Labor government.

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