Nick Sherry (Tasmania, Australian Labor Party, Minister Assisting the Minister for Tourism) Share this | Hansard source

As I have outlined, the proceeds from the mining tax are used to strengthen the economy. They are used to reduce company tax and to assist small business. They are being used to increase the superannuation savings of Australians by billions of dollars. Importantly, those savings not only increase personal savings for retirement, they strengthen the Australian economy. We heard a lot of opposition from the Liberal-National party in 1992-93 opposing compulsory superannuation, predicting doom and gloom, predicting mass unemployment, predicting that the economy would be disrupted by the introduction of compulsory superannuation. They make the same prediction again. Of course, it did not happen. You will rarely find anyone who will criticise compulsory superannuation in this country because it strengthened the economy, it strengthened investment and it strengthened jobs. That is the sort of program that this Labor government is determined to deliver. (Time expired)