Margaret May (McPherson, Liberal Party) Share this | Link to this | Hansard source

My question is also addressed to the Minister for Revenue and Assistant Treasurer. Would the minister update the House as to how the Howard government is helping Australian women build their retirement savings?

Peter Dutton (Dickson, Liberal Party, Minister for Revenue and Assistant Treasurer) Share this | Link to this | Hansard source

I thank the member for her question and acknowledge the considerable support that she provides to constituents in her electorate, both men and women, who are keen to save for their future, who are keen to put more money away into their superannuation policy.

One of the most significant policies—one of the most successful policies—of the Howard government has been the superannuation co-contribution scheme. Since this scheme came into place, the Australian taxpayer has provided $1.8 billion towards people’s superannuation in the form of co-contribution payments. Importantly, that is, of course, of considerable assistance to all Australians, and to women in particular. I say to the House today that there are over 84,103 women in the period of January to March of this year who have had $76.7 million paid directly by the Howard government through the co-contribution into their superannuation funds.

The question is: how is this government helping people into retirement? We have an ageing population in this country. We need to make sure that we provide support to people into their retirement. This is one of the ways in which we are helping people. It is one of the ways in which we will secure the future of this nation. It is 16 days since the federal budget was handed down—and still not one word of support from the Leader of the Opposition in relation to the superannuation system that we have announced as part of the budget. It is a budget measure which will provide simplicity for people under the age of 60. It will say to people over the age of 60 that we will do away with the end tax that they pay; we will make it easier for people over the age of 60. From 1 July next year we will make it much simpler. We will take the complication out of the system. You would think that the alternative Prime Minister of this country would support such a system—not a word.

John Howard (Bennelong, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

Mr Speaker, I ask that further questions be placed on the Notice Paper.