Jill Hall (Shortland, Australian Labor Party) Share this | Link to this | Hansard source

My question is directed to the Assistant Treasurer and Minister for Financial Services and Superannuation. How is the government planning to ensure Australians have adequate retirement savings, and how have these plans been received?

Bill Shorten (Maribyrnong, Australian Labor Party, Assistant Treasurer) Share this | Link to this | Hansard source

I am pleased to report that the Gillard Labor government has an optimistic vision and a realistic plan to increase retirement savings through real reform. Of course, the House understands what real reform is: the minerals resource rent tax. That tax will allow the real reform of lowering the corporate tax rate. Under a Labor government we will put a two in front of the corporate tax rate in Australia—something unimaginable under the coalition. This tax will not only ensure a better deal for small and big business but also, most importantly, ensure adequate retirement for millions of Australians.

This country needs to move the superannuation guarantee from nine to 12 per cent. We are a great country and one of the gifts of the 20th century bestowed by the generations who came before us is the gift of longer life, which will mean four and a half thousand centenarians by next year.

Opposition Members:

Opposition members interjecting—

John Murphy (Reid, Australian Labor Party) Share this | Link to this | Hansard source

Mr Murphy interjecting

Harry Jenkins (Speaker) Share this | Link to this | Hansard source

Order! The minister will resume his seat. The member for Reid’s sentiments may be correct but he should not be interjecting either. The minister has the call. The House should remain silent.

Bill Shorten (Maribyrnong, Australian Labor Party, Assistant Treasurer) Share this | Link to this | Hansard source

As I was saying, one of the gifts of the 20th century to the 21st century is that Australians are living longer than ever before.

Opposition Members:

Opposition members interjecting—

Bill Shorten (Maribyrnong, Australian Labor Party, Assistant Treasurer) Share this | Link to this | Hansard source

The coalition would know that. We have tree changes and sea changes. We have grey nomads. We have the frontbench of the coalition. But in order for this country to gain the benefits of longer life we need to make sure that our Australian citizens are not retiring into poverty when they finish work.

Steven Ciobo (Moncrieff, Liberal Party) Share this | Link to this | Hansard source

Mr Ciobo interjecting

Harry Jenkins (Speaker) Share this | Link to this | Hansard source

The member for Moncrieff is warned.

Paul Fletcher (Bradfield, Liberal Party) Share this | Link to this | Hansard source

Mr Fletcher interjecting

Harry Jenkins (Speaker) Share this | Link to this | Hansard source

The member for Bradfield will leave the chamber for one hour under standing order 94(a).

The member for Bradfield then left the chamber

Bill Shorten (Maribyrnong, Australian Labor Party, Assistant Treasurer) Share this | Link to this | Hansard source

All of the baby boomers of Australia will start to turn 65 from next year. There are four and a half million baby boomers and it is important that they do not retire into poverty. So we have a plan to increase people’s superannuation from nine to 12 per cent. It is because of Labor that we have $1.2 trillion in retirement income available today and we have a superannuation system in Australia.

Indeed, these proposals have been well received not only by senior Australians, Choice and the trade union movement but also by the Financial Services Council of Australia. I will inform you of the views of the CEO of the Financial Services Council of Australia:

The research shows the longer we delay the move to 12 per cent superannuation, the greater the cost for working Australians.

Mr Speaker, you are probably aware that the CEO of the Financial Services Council of Australia is none other than John Brogden, the former Liberal leader in New South Wales. He gets it. The people get it. We understand that we need to move from nine to 12 per cent. Labor has a plan for our superannuation. I invite the coalition: it is not too late to come on board. You should get behind increasing superannuation from nine to 12 per cent and doing something for the retirement incomes of all Australians, just as the Gillard Labor government is doing.