Tim Wilson (Goldstein, Liberal Party, Shadow Treasurer) | Link to this | Hansard source

My question is to the Treasurer. To ram through Labor's toxic taxes, the Treasurer has changed his position again and done a dangerous deal with the Greens. In May last year the Treasurer said the government had 'no intention of bowing to Greens demands to restrict self-managed superannuation funds investing in property'. How can Australian people believe or ever trust another thing the Treasurer says?

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

As we made clear in the press conference earlier today, we've agreed to support this amendment to reduce the risk to retirement savings and to secure the passage of these really important reforms to make the tax system fairer. We know that the member for Goldstein doesn't want to make it easier for first home buyers. We know he doesn't support our efforts to cut taxes for workers and he doesn't support our efforts to make the tax system fairer.

Multiple inquiries have raised concerns about these arrangements that we are addressing in the amendments in the Senate. David Murray was appointed by those opposite to look at these arrangements, and he said that direct borrowing by super funds is inconsistent with the objectives of superannuation to be a savings vehicle for retirement income. The Murray inquiry said that a prohibition would preserve the strengths and benefits that the super system has delivered to individuals, the financial system and the economy and would limit the risk to taxpayers.

We've made it clear that this is a relatively minor change but an important change, not the same as has been proposed in earlier elections but with a similar objective. This is all about extending the ban on borrowing, strengthening the ban on borrowing by superannuation funds but in a way that ensures that people who are doing it now will be grandfathered so that they can continue to do it. There's a responsible 45-day transition period for people who might be midstream in the process, and that's important as well. So these are responsible changes.

I was also asked about trust in what people say in this place. So I draw the House's attention to something that these—

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

The Manager of Opposition Business on a point of order?

Dan Tehan (Wannon, Liberal Party, Shadow Minister for Energy and Emissions Reduction) | Link to this | Hansard source

On relevance: the question was very specific; it was about trusting the Treasurer. So we look forward to hearing about how we can trust the—

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

Resume your seat. The question was, 'How can Australians trust what the Treasurer says?'—at the end, that's correct. So the Treasurer can answer that in any way that he sees fit. It wasn't specifically—

Order! Leader of the Opposition, when you've completed your interjections, we'll continue.

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

This government is cutting petrol taxes. We're cutting income taxes. We're making it easier for first home buyers. We're making the tax system fairer. I'm asked about trust in what people say in this place, and I draw the House's attention to what the shadow Treasurer said earlier today: 'Cheaper prices are not flowing through to the bowser in Australia.' I want to point out to the shadow Treasurer—he's asking me about whether we can believe things people say in this place—that petrol prices in Sydney since the end of March are down by $1 per litre, in Melbourne by 99c, in Brisbane by 97c, in Perth by $1.03, in Adelaide by $1.07, in Canberra by 89c, in Hobart by 94c and in Darwin by 97c, and it is the same when it comes to diesel. So, of all the people I would take a question from about accurate statements, the shadow Treasurer would be at the very, very end of the list.