Bill Shorten (Maribyrnong, Australian Labor Party, Leader of the Opposition) Share this | Link to this | Hansard source

My question is to the Prime Minister. Independent analysis reveals that couples on lower than average incomes will be hardest hit by the Prime Minister's cut to part pensions. What does the Prime Minister say to hardworking Australians in their 50s and 60s who suddenly find that the Prime Minister has cut their plans for modest retirement incomes?

Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

What I say to all those decent hardworking Australians who are putting something aside for their retirement, is that their savings are safe under the coalition. But their savings will never be safe under Labor because Labor sees their savings as a potential source of revenue to fund their out-of-control spending. That is what Labor does. Labor sees their savings as their piggybank.

This government understands the difference between a social security benefit that the government pays to you from tax revenue and superannuation, which is your money. Superannuation money does not belong to the government; superannuation money belongs to you. It belongs to the person who has scrimped and saved and denied himself or herself to put money aside for retirement. So that is why we say that your superannuation savings are safe under this government.

We promised before the election there would be no adverse changes to superannuation in this term of parliament. There have been done. There will be none. We have said that we have no plans for further changes to superannuation. Let me make it crystal clear: under this government, there will be no increased taxes on superannuation. There will be no increased restrictions on the use to which remuneration can be put because we understand something that members opposite just do not get. We understand that your superannuation belongs to you.

Mr Champion interjecting—

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

The member for Wakefield.

Mr Thistlethwaite interjecting—

The member for Kingsford Smith will desist.

Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

There has been an agreement reached between the government and the Australian Greens. It is a good agreement. It is an agreement which means that pensions will be fairer and more sustainable over the future. What this agreement does is give 170,000 Australians with very modest assets $30 a fortnight more. And Labor wants to take it away so that people with a million dollars in assets and the family home should continue to be part pensioners. Well, nothing better illustrates the deranged moral compass of the current Labor Party.