House debates Questions without Notice
Superannuation
Bernie Ripoll Oxley, Australian Labor Party, Shadow Minister Assisting the Leader for Small Business
2:57 pm
My question is to the Treasurer. Can the Treasurer confirm that his decision to freeze the increase to the superannuation guarantee will mean that Australians will lose $128 billion from their retirement savings?
Joe Hockey North Sydney, Liberal Party, Treasurer
No, because it is not right. And I will tell you why. I have not seen the assumptions that underpin that number, but, as a starting point—
Unidentified interjection - Hansard doesn't record who said this
Opposition Members:
Opposition members interjecting—
Mrs Bronwyn Bishop Speaker
There will be silence on my left.
Mr Shorten interjecting—
The Leader of the Opposition will desist. The Treasurer has the call.
Joe Hockey North Sydney, Liberal Party, Treasurer
Feeling a little unwell, Bill?
Ms Plibersek interjecting—
Joe Hockey North Sydney, Liberal Party, Treasurer
You know what? The fact is—
Mr Shorten interjecting—
Joe Hockey North Sydney, Liberal Party, Treasurer
I want to pay acknowledgement to the Leader of the Opposition who identified it, not once but three times. Three times the cock crowed.
Mr Shorten interjecting—
I have got all your history here, buddy. Three times the cock crowed in relation to the Leader of the Opposition's—
Ms Collins interjecting—
Joe Hockey North Sydney, Liberal Party, Treasurer
view about where superannuation actually comes from. Cock crow No. 1—cock-a-doodle-doo!—on 21 March 2012, on 3AW, Bill Shorten:
What will happen is that superannuation, the increases to superannuation, will be absorbed as part of people's pay rises.
Cock-a-doodle-doo No. 2—Bill Shorten on 3AW, 21 March 2012:
NEIL MITCHELL:
Okay. So you're saying that the superannuation increases will be paid for by absorbing money out of the wage increases.
BILL SHORTEN:
That's the evidence.
Cock-a-doodle-doo No. 3—
Honourable members interjecting—
There's a new breed of rooster!
Honourable members interjecting—
Mrs Bronwyn Bishop Speaker
The Treasurer will resume his seat. There will be silence on my right.
Mr Tony Burke Watson, Australian Labor Party, Shadow Minister for Finance
Madam Speaker, I rise on a point of order. There are nine million Australians who deserve an adult government—not what we are seeing right now.
The SPEAKER: The member will resume his seat. The member knows that that was merely an intervention and not a proper standing order. The Treasurer has the call.
Joe Hockey North Sydney, Liberal Party, Treasurer
I tell you what: there were 23 million Australians disadvantaged under six years of Labor—23 million! Then there is strike No. 3: Bill Shorten's closing address to the OECD Global Forum on Private Pensions, and I quote:
Analysis suggests that, over time, Superannuation Guarantee increases have come out of wages, rather than profits.
So, if the Labor Party are crying crocodile tears about superannuation increases, they should note that the money for the superannuation increases comes out of the pockets of the workers of Australia. So, by not increasing at the speed that was suggested, according to what was previously laid before the Australian people, we have put more money into the pockets of Australian workers.
Mr Brendan O'Connor interjecting—
The SPEAKER: The member for Gorton will leave under 94(a).
The member for Gorton then left the chamber.
We make no apologies for being the best friend of Australian workers, because everything we do starts with a job and a well-paying job.