Mrs Bronwyn Bishop (Mackellar, Liberal Party) Share this | Link to this | Hansard source

My question is addressed to the Minister for Revenue and Assistant Treasurer. Would the minister advise the House how the government is helping self-employed Australians to save for their retirement, and is he aware of any alternative policies?

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

I thank the member for Mackellar for her question. I recognise and thank her for the contribution she has made to the government’s deliberations off the back of the announcements that we made on 9 May to revolutionise superannuation in this country, to make it more available to young people, and to remove the complexity to make it more understandable and marketable as a savings investment vehicle for the future of this nation. The great attribute of this package is that it provides support to the self employed. Self-employed Australians under this package will be able to contribute up to $1 million over their lifetime from the sale of a small business asset which has been held for 15 years. This is over and above the announcements that we made on 9 May, and it meets some of the requirements and suggestions that were put forward by the industry and by the representatives of people who want to save for their future.

From 1 July 2007, for the first time the self-employed in this country will be able to claim the same deductions for contributions made on their own behalf as contributions made on behalf of an employee by an employer. Like other Australians who have already taken advantage of the government’s generous co-contribution scheme, the self-employed will also get access to the scheme, which delivers up to $1,500 into the super accounts of low- and middle-income earners as an incentive to save for their retirement.

I am also asked about alternative policies in this area, and this is the most difficult part of this question because there are no alternative policies. It is happy anniversary to the Leader of the Opposition today because it is 120 days since the government made the announcement in relation to superannuation and still there is no decision from an indecisive Leader of the Opposition. There is still no decision from a person who has had four months to decide whether he is going to support people into retirement. He still has not had the ability to make up his mind. Australian people ask themselves why, after 20 years, the Leader of the Opposition stands for nothing. They still have no idea what he stands for. This is a prime example of his indecisiveness and inability to deal with economic matters.