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

My question is to the Prime Minister. Thirty-eight per cent of total superannuation tax concessions go to the top 10 per cent of income earners. Prime Minister, is this fair and will the Prime Minister join with Labor and commit to our plan for a fair and sustainable superannuation system, a plan that will provide $14 billion for the budget over the next 10 years?

Malcolm Turnbull (Wentworth, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

I thank the honourable member for his question. The superannuation system is a vital part of our economy. We have, through the superannuation system, the ability for millions of Australians to plan for their retirement and ensure that they have the savings to deal with it. He is right in saying that there are very substantial tax concessions associated with superannuation. All of this is connected with the taxation system itself, the taxation on income and other elements in the economy, and it is connected with the transfer system. All of these matters are under consideration by the government. I have noted the opposition's proposals and we are, clearly, going to consider those proposals and any other proposals that are made as we review the situation. Can I just say to him, superannuation is critically important.

Any changes proposed for superannuation that would affect the superannuation system are changes that we would take to an election. We are not dealing with minor matters, here. These are matters of great import, in terms of the future of our economy and in ensuring that every aspect of our tax, transfer and savings system is calculated both to ensure that people have the retirement savings they need and to ensure that we have all of the right incentives to work, to save and to invest.