Pat Conaghan (Cowper, National Party, Shadow Assistant Treasurer) Share this | Link to this | Hansard source

On this side of the floor we believe in aspiration, a reward for effort and a super system that encourages responsible saving for your own retirement. We support farmers, businesses and entrepreneurs, and we recognise their contributions to the economy. But that's not a belief held by those on that side. Their new dangerous superannuation tax's $3 million balance threshold might make for easy sound bites—they're professing to tax the rich—but the reality is that thousands of family farms, start-ups and small businesses are the ones who will be punished. By taxing unrealised capital gains, they will be taxed on things like rising land values, even if the businesses or farms haven't made a cent. Many will be forced to sell up to pay the bill. It's a real tax on imaginary income.

It's an Australian first, and not one to be proud of, Mr Prime Minister. Without indexation, millions more will be targeted in years to come, but Labor doesn't care because, by freezing the threshold, they can make the budget look much better on paper. It's no more than accounting trickery to cook the books to mask their impending decade of deficits. This isn't about catching tricky rich folk; it's a desperate move by a tricky treasurer. We all know that, when Labor runs out of money, they'll come for yours.

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

In accordance with standing order 43, the time for members' statements has concluded.