Jason Wood (La Trobe, Liberal Party) Share this | Link to this | Hansard source

My question is addressed to the Treasurer. Would the Treasurer update the House on progress in the reform of superannuation law? How will the implementation of these laws help secure the retirement of Australians?

Honourable Members:

Honourable members interjecting—

Peter Costello (Higgins, Liberal Party, Treasurer) Share this | Link to this | Hansard source

I thank the honourable member for La Trobe—

David Hawker (Speaker) Share this | Link to this | Hansard source

Order! The level of interjections is far too high.

Peter Costello (Higgins, Liberal Party, Treasurer) Share this | Link to this | Hansard source

for his question and for his interest in superannuation policy. In this year’s budget the government brought down the biggest plan to reform superannuation in Australia’s political history.

David Hawker (Speaker) Share this | Link to this | Hansard source

Order! The level of interjections is far too high—and that object will be removed immediately.

Bernie Ripoll (Oxley, Australian Labor Party, Shadow Parliamentary Secretary for Industry, Infrastructure and Industrial Relations) Share this | Link to this | Hansard source

Mr Ripoll interjecting

David Hawker (Speaker) Share this | Link to this | Hansard source

Order! The member for Oxley is warned!

Peter Costello (Higgins, Liberal Party, Treasurer) Share this | Link to this | Hansard source

In this year’s budget the coalition government announced the biggest reform of Australian superannuation policy in Australia’s history. That plan is to take effect on 1 July next year. It will sweep away the raft of taxes on benefits at the end of a person’s superannuation plan when they come up to retirement. Even former ACTU member and industry fund advocate Garry Weaven wrote recently in Investor Weekly:

The government’s recent budget initiatives have proved the Liberal Party is now the official party for superannuation.

Let me say that this plan will make a 25-year-old earning $1,000 a week and receiving super guarantee $136 a week better off in retirement. A 45-year-old earning $1,500 a week and receiving the nine per cent super guarantee will be $92 a week better off as a consequence of this plan. The budget was brought down in May this year and the ALP is yet to announce a position in relation to this reform. We are waiting for the Labor Party to actually say whether or not it will support—

Lindsay Tanner (Melbourne, Australian Labor Party, Shadow Minister for Finance) Share this | Link to this | Hansard source

Mr Tanner interjecting

David Hawker (Speaker) Share this | Link to this | Hansard source

The member for Melbourne is warned!

Gavan O'Connor (Corio, Australian Labor Party, Shadow Minister for Agriculture and Fisheries) Share this | Link to this | Hansard source

Mr Gavan O’Connor interjecting

David Hawker (Speaker) Share this | Link to this | Hansard source

Order! The Treasurer will resume his seat. The member for Corio will remove himself under standing order 94(a).

An incident having occurred in the chamber—

I name the member for Corio!

Tony Abbott (Warringah, Liberal Party, Leader of the House) Share this | Link to this | Hansard source

I move:

That the member for Corio be suspended from the service of the House.

Question put.