Tania Lawrence (Hasluck, Australian Labor Party) | Link to this | Hansard source

My question is to the Assistant Treasurer and Minister for Financial Services. How is the Albanese Labor government strengthening the superannuation system so that Australians can meet their cost-of-living needs and retire with dignity?

Stephen Jones (Whitlam, Australian Labor Party, Assistant Treasurer) | Link to this | Hansard source

I thank the fantastic member for Hasluck for her question. I note that because of her great advocacy there are 84,000 taxpayers in her electorate who are going to be better off this week.

There are four things that parliament needs to know about today. The first thing is that wages are up; the second thing is that super is up; the third thing is that taxes are down; and the fourth thing is that the mob over there opposed every single one of those things. This is a good story: wages are up and, because of the strong leadership of the Prime Minister, the economic management of the Treasurer and the fantastic guidance of the industrial relations minister, an Australian worker on minimum wages today will be $33 a week better off in addition to their tax cut. A bigger tax cut, better wages—every single one of them opposed by that mob opposite.

I will focus on the superannuation, because this week superannuation is going to increase by 0.5 per cent. I want members to contemplate the situation of a worker who starts work in a grocery store or supermarket today. That worker need do nothing more than stay in that same job for the remainder of their years until retirement, and they will be $20,000 better off. I'll repeat that: because of the 0.5 per cent increase in their superannuation this week, that worker will be $20,000 a year better off in retirement. And it's because of the strength of our superannuation system.

It's often opposed by those members opposite, but an average Australian is retiring today with $20,000 more in their superannuation—$20,000 more to retire on, making a monumental and meaningful difference to their retirement. The secret sauce behind our superannuation system is the preservation of savings, something that mob over there oppose. Every eight years, a worker's superannuation is doubling. I can see that this is powered by compound interest, not nuclear fission, but it is making a real economic difference to our country and to those workers.

On top of these initiatives is superannuation on paid parental leave. Superannuation on paid parental leave is going to make a monumental difference with $2,400 additional retirement savings for those workers. Every single one of these things is opposed by that mob opposite. (Time expired)

Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) | Link to this | Hansard source

Have you got another question, Angus?

Angus Taylor (Hume, Liberal Party, Shadow Treasurer) | Link to this | Hansard source

No, I—

Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) | Link to this | Hansard source

On that basis, I ask that further questions be placed on the Notice Paper.