Jim Chalmers (Rankin, Australian Labor Party, Treasurer) | Hansard source

As we made clear in the press conference earlier today, we've agreed to support this amendment to reduce the risk to retirement savings and to secure the passage of these really important reforms to make the tax system fairer. We know that the member for Goldstein doesn't want to make it easier for first home buyers. We know he doesn't support our efforts to cut taxes for workers and he doesn't support our efforts to make the tax system fairer.

Multiple inquiries have raised concerns about these arrangements that we are addressing in the amendments in the Senate. David Murray was appointed by those opposite to look at these arrangements, and he said that direct borrowing by super funds is inconsistent with the objectives of superannuation to be a savings vehicle for retirement income. The Murray inquiry said that a prohibition would preserve the strengths and benefits that the super system has delivered to individuals, the financial system and the economy and would limit the risk to taxpayers.

We've made it clear that this is a relatively minor change but an important change, not the same as has been proposed in earlier elections but with a similar objective. This is all about extending the ban on borrowing, strengthening the ban on borrowing by superannuation funds but in a way that ensures that people who are doing it now will be grandfathered so that they can continue to do it. There's a responsible 45-day transition period for people who might be midstream in the process, and that's important as well. So these are responsible changes.

I was also asked about trust in what people say in this place. So I draw the House's attention to something that these—

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