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

There are two main measures: one is to increase the superannuation guarantee and the other is to effectively remove the contributions tax from more than 3½ million Australians. We know that the Liberal-National Party now support compulsory superannuation. They have taken a fairly monumental step I have got to concede: they accept compulsion. Interestingly, the Liberal Party, in accepting the increase in the superannuation guarantee, do not have any money to pay for it because they are going to reverse the mining tax. They say they support the measure. I notice Senator Mathias Cormann says, 'We do not agree with it but we are still going to leave it there if we are ever elected to government.' That is hedging your bets. Of particular concern is that they have no money to pay for it. In addition to the $70 billion financial black hole they have, they have got to find more money, having decided to reverse the mining tax, to pay for the superannuation guarantee. (Time expired)