Nick Minchin (SA, Liberal Party, Minister for Finance and Administration) Share this | Hansard source

I am always interested in abolishing Labor taxes whenever we can. It is a fact that the Keating Labor government introduced this 15 per cent contributions tax. But my comments were in the frame of the current budget considerations, our concern to ensure that any proposed reductions in income tax do not contribute to heating up the economy and putting pressure on interest rates, and the need to run relatively large surpluses at this time. It is my view that, in the longer term agenda for this country, we need to consider the question of national savings. Our government is contributing to national savings in a way that was never contemplated or possible under the Labor Party and, therefore, the general question of how we tax superannuation is important. I note for the sake of Senator George Campbell that that is within the terms of reference of the Warburton inquiry.