House debates

Wednesday, 6 December 2006

Questions without Notice

Superannuation

3:01 pm

Photo of Danna ValeDanna Vale (Hughes, Liberal Party) Share this | | Hansard source

My question is addressed to the Treasurer. Would the Treasurer advise the House how Australian workers and retirees will now be able to plan with certainty for their retirements?

Photo of Peter CostelloPeter Costello (Higgins, Liberal Party, Treasurer) Share this | | Hansard source

I thank the honourable member for Hughes. I can tell her that it is now seven months since the government announced the most far-reaching reform of superannuation in Australia’s history. Former Labor minister Susan Ryan wrote:

Costello’s uncharacteristically bold and effective plan to simplify super and reduce its taxes should be commended.

She went on to say:

Maybe faced with the Treasurer’s bold gazumping of Labor’s cherished but slightly shabby super property, the Opposition will find the resolve to get another big picture worked out, and the wherewithal to let voters know about it.

That was seven months ago, and endorsed by Susan Ryan. We have been waiting breathlessly to hear what the Labor Party thinks about it.

Opposition Members:

Opposition members interjecting

Photo of Peter CostelloPeter Costello (Higgins, Liberal Party, Treasurer) Share this | | Hansard source

Even now we have the assistant shadow Treasurer—temporary—interjecting. We have the member for Brisbane interjecting. Somehow they cannot announce a policy until we introduce the legislation. That, I think, is the member for Hunter’s view: the Labor Party cannot announce a position until they see the bill.

Photo of Joel FitzgibbonJoel Fitzgibbon (Hunter, Australian Labor Party, Shadow Assistant Treasurer and Revenue) Share this | | Hansard source

Mr Fitzgibbon interjecting

Photo of David HawkerDavid Hawker (Speaker) Share this | | Hansard source

Order! The member for Hunter is warned!

Photo of Peter CostelloPeter Costello (Higgins, Liberal Party, Treasurer) Share this | | Hansard source

That is his position. Unfortunately for him it is not the position of Labor spokesmen, because yesterday they did announce their position. Apparently, the member for Hunter has not been let into the loop yet. Yesterday Senator Sherry put out a media release: ‘Labor to support budget superannuation plan’. That was on Wednesday, 6 December. That is funny, the legislation has not been introduced. As we have observed from the member for Hunter, he could not announce a position until it was introduced. Some people will wonder why his position on the front bench is under threat! Others will know. In fact, the ‘guess the shadow Treasurer’ competition has moved into a new phase. The member for Lalor will not step up to the plate. The member for Melbourne—

Photo of Anthony AlbaneseAnthony Albanese (Grayndler, Australian Labor Party, Deputy Manager of Opposition Business in the House) Share this | | Hansard source

Mr Speaker, I rise on a point of order. Under standing order 104, this is clearly not relevant. The Treasurer should step up to the plate and answer the question.

Photo of David HawkerDavid Hawker (Speaker) Share this | | Hansard source

The Treasurer was asked a question, which I believe he is answering. The Treasurer is in order.

Photo of Peter CostelloPeter Costello (Higgins, Liberal Party, Treasurer) Share this | | Hansard source

Of course, the member for Grayndler’s time as shadow environment minister is coming to an end in favour of the member for Kingsford Smith. As someone said, ‘Having the member for Grayndler instead of the member for Kingsford Smith is like having Barry Crocker in preference to Elvis Presley,’ which I think is a bit tough on Barry.

The shadow minister for superannuation, Senator Nick Sherry, has come out and said that Labor will now support the budget superannuation plan. The Labor caucus has decided to support the budget superannuation plan. Can I say that this is the first good decision that has been taken under the new Leader of the Opposition. It is seven months too late, but finally the Labor Party has brought itself around to support some decent reform in this place. Whilst the Labor Party are about it, let me announce some other decent reforms they could support in this place.

Photo of Kelly HoareKelly Hoare (Charlton, Australian Labor Party) Share this | | Hansard source

Ms Hoare interjecting

Photo of David HawkerDavid Hawker (Speaker) Share this | | Hansard source

Order! The member for Charlton is warned!

Photo of Peter CostelloPeter Costello (Higgins, Liberal Party, Treasurer) Share this | | Hansard source

Why not change the policy on industrial relations? Why not get behind the government in relation to the Future Fund? Why not support us in relation to provisioning for future generations? Whilst the Leader of the Opposition is about changing some of those Labor policies, let me commend him to follow the coalition policy on all of the issues where Labor has opposed them in the past. The reforms that this government has put in place have got us to where we are now, and we need to take those reforms forward for a new generation.