Ms Anna Burke (Speaker) Share this | Link to this | Hansard source

The member for Herbert will leave the chamber under standing order 94(a).

The member for Herbert then left the chamber.

Bill Shorten (Maribyrnong, Australian Labor Party, Minister for Financial Services and Superannuation) Share this | Link to this | Hansard source

I thank the member for Deakin for his question. He and the whole of the Labor Party are interested in superannuation. Superannuation is a great Australian achievement and it is one that this side of politics can take some justifiable pride in. If the labour movement and the Labor Party had never championed universal compulsory superannuation we just would not have superannuation in this country. Superannuation delivers on the national pool of savings. Superannuation has delivered jobs in this country. Compulsory universal superannuation means that millions of Australians can look towards older age with a greater prospect of a decent retirement.

Superannuation, the great Labor idea, championed by Labor members of parliament, championed by the trade union movement, has meant that many Australians can work hard and have the prospect of a peaceful and dignified retirement. I can report that the national pool of savings in this country now is $1.6 trillion. That makes us the envy of many other countries. On 1 July this year, after 12 or 13 years of delay, superannuation is going to go up again and 8½ million Australians will be the beneficiaries of this government's work. I can also say that on 1 July the concessional caps for people over 60 will increase.

People over 60 who have the opportunity to put a bit more into the super will be able to do so. I can also report that after 1 July, 3½ million Australians who earn less than $37,000 will be getting rebates into their superannuation because it is the Labor government who abolished the 15 per cent tax on superannuation contributions. So there are a lot of good things about superannuation and there is a lot to be pleased about. It is because we have a Labor government with a plan and vision for superannuation.

The electorate know at the next election that there is one party which supports universal, compulsory superannuation. There is one party in Australia that supports increasing superannuation so that many can have a proper retirement. There is one party in Australia that supports the idea that low-paid workers should not have to pay a 15 per cent tax on the superannuation contributions. And lest anyone be confused about which party of Australian politics stands for universal, compulsory superannuation, it is the Labor Party.

Mr Frydenberg interjecting—

Ms Anna Burke (Speaker) Share this | Link to this | Hansard source

The member for Kooyong is warned!