Nick Sherry (Tasmania, Australian Labor Party, Shadow Minister for Banking and Financial Services) Share this | Hansard source

Those comments are on the public record, Senator Kemp. I was very pleased to see Senator Minchin, the finance minister, on the following Sunday not only pick up my ideas and suggestions but also expand on them and advocate the total abolition of the 15 per cent contributions tax on super. We will see what is delivered in the budget in May. We will see whether in fact the Treasurer, Mr Costello, and the Prime Minister are interested in delivering a tax cut to low- and middle-income Australians in respect of their superannuation. They have not had one cent of a tax cut on their superannuation to date from this government. Higher income earners have had a tax reduction on their superannuation. Those earning more than approximately $100,000 a year have had a tax cut on their superannuation. However, low- and middle-income Australians have had not one cent of a tax cut on their superannuation. I agree with the point that Senator Minchin made. He may have been agreeing with me, actually, because we were making very similar observations.