Terry Young (Longman, Liberal National Party) Share this | Hansard source

by leave—I move opposition amendments (1) and (2) as circulated in my name:

(1) Schedule 1, item 14, page 11 (line 5), after "that you", insert "acquired after the commencement of this section and that you".

(2) Schedule 1, item 14, page 11 (line 7), after "superannuation interest", insert "acquired after the commencement of this section".

Like everyone, I was pleased to see that the government bowed to coalition pressure to remove the unrealised gains measure in this bill, along with introducing indexing of the $3 million threshold. Australians rightly raised serious concerns about the proposal to tax unrealised gains—in other words, taxing people on money before it was even earned.

The title of this bill speaks of a stronger and fairer super system, but the key questions Australians will ask is: what exactly is fair about changing the rules after people have already made long-term decisions based on the rules that existed at the time? Australians plan their financial futures over decades. They work hard, save diligently and structure their retirement based on the frameworks set by the government. When governments change those rules after the fact, it undermines confidence in the system. Let me be clear about one thing. Most Australians will never have $3 million in superannuation. Sadly, that includes me. That is not really the point of this debate. The point is whether Australians can trust that the rules they plan their lives around will remain stable. Stability creates certainty for investors which inspires confidence. Ask any fair dinkum Australian how fair it is to move the goal posts after people have structured their entire financial future under one set of rules only to have those rules changed later on. We have a bill here that penalises hard-working and aspirational Australians—farmers, small-business owners and others who have worked for decades to build their retirement savings. Many of these people have made financial decisions—

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