Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Treasurer. I refer to page 4-21 of the Treasurer's own budget paper No. 1 which shows tax concessions for superannuation doubling, over the next four years alone, to $30.4 billion. Given that the Treasurer is so keen to cut pensions for Australia's middle income earners, why is he ignoring unsustainable superannuation tax concessions for high income earners?

Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Link to this | Hansard source

It is very interesting, isn't it? Only two weeks ago the member for McMahon said it was 'indefensible' to suggest that we could leave superannuation tax concessions for another day. Now he is changing his wording again. He said it was 'indefensible' to suggest that we can leave superannuation tax concessions for another day. What was the word you just used? 'Unsustainable'? A new change? Another policy change from Labor? 'Unsustainable'? 'Indefensible'? 'Unsustainable'?

The bottom line is: Labor is coming after your superannuation. The bottom line is: Labor wants to tax your superannuation. This man here said—pledged—at the last election: there would be no further changes to superannuation. He said: Labor would not change superannuation for five years. That was two years ago. And Labor have now announced that they are coming at Australian superannuants with a new tax. And he said: 'It is indefensible to keep superannuation as it is for another day.' Labor is coming after your superannuation. Australians have worked damned hard for that superannuation. The Labor Party used to be a friend of superannuation. Now they are the sworn enemy of the superannuation system.

Mr Brendan O'Connor interjecting—

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

The member for Gorton is warned.

Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Link to this | Hansard source

And by their own words and by their own policy decisions, they are coming after the superannuation of every Australian.