Tim Wilson (Goldstein, Liberal Party, Shadow Minister for Small Business) Share this | Link to this | Hansard source

Thank you, Speaker, and congratulations on your elevation to office. My question is to the Treasurer. On 28 February 2023, the Treasurer said that Labor's unfair super tax on unrealised capital gains would apply to 'around 80,000 people'. Does the Treasurer stand by that number?

Jim Chalmers (Rankin, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

First of all, I didn't describe it the way that the honourable member has said. That's the first point. The second point is that, when we announced the policy, the expectation was that about half a per cent of people in the superannuation system would be impacted by what is a very modest change in terms of the impact on individuals, but it would make a meaningful contribution to making the superannuation system more sustainable. That remains our view. It's about half a per cent of people, and that obviously varies from fund to fund. If you think about the fund that was in the paper today—their expectation at Hostplus is that 57 members out of 1.86 million members would be impacted by the modest changes that we are proposing.

As the Assistant Treasurer said a moment ago, we are the big believers in superannuation. We're about strengthening superannuation, and those opposite are about weakening superannuation. For evidence of that, Mr Speaker, think about the fact that, on 1 July this year, we completed the journey to 12 per cent compulsory superannuation. That's something we're very proud of on this side of the House. So too are we proud to be paying the superannuation guarantee on government paid parental leave for the first time ever. I shout out to the minister here for the work that we did on that in the last term of parliament.

Part of our responsibility to the superannuation system is to make sure that it is treated in a concessional way, that those concessions are generous and that they are also sustainable. After these changes are implemented, there will still be generous tax concessions for everyone in the superannuation system, but, for the half a per cent of people with balances of more than $3 million—remembering that the average retirement balance is about $340,000—

Tim Wilson (Goldstein, Liberal Party, Shadow Minister for Small Business) Share this | Link to this | Hansard source

Speaker, on a point of order: I asked a very specific question on whether he stood by the number of around 80,000 people.

Milton Dick (Speaker) Share this | Link to this | Hansard source

The Treasurer did deal with that part of the question. I know you're after a yes or no, and I can appreciate that. You can resume your seat. I'm not sure what you're waiting for there. He's now talking about the policy. He was directly relevant and dealt with the assertion in your question and the claim you made. He is talking about the policy. He's not talking about any other tax policy yet, but, if he strays into any other territory, be assured I will make sure he is being directly relevant to the question you asked.

Jim Chalmers (Rankin, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

It remains our expectation that about half a per cent of people in the superannuation system will be impacted by this modest change. They'll still get very generous tax concessions in superannuation. It'll be slightly less generous. For example, someone with $3 million will get a $13,000 tax break for their investment instead of getting a $14,000 tax break. So it continues to be concessional. I think the respected financial commentator Noel Whittaker has made a similar point—that it remains concessional for everyone in the fund but is a bit less concessional for people with more than $3 million.

I think what this question also shows, apart from the fact that the shadow Treasurer's already been benched, is that this side of the House is cutting taxes for 14 million Australians and that that side of the House is going to the wall for the half a per cent of people in the superannuation system who already have more than $3 million in super.