Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

In relation to the question about household assets, it is the case that the global financial crisis has affected asset values. That is hardly news. If the senator believes that somehow he could find a way of ensuring that asset values here in Australia and on equity markets would somehow escape the sort of crisis that we saw, and the ongoing uncertainty in the global economy which he is so fond of speaking of, then perhaps he should tell us. But, newsflash: there was a global financial crisis. It has had an effect on asset values across the world. It has had an effect here in Australia as well. It has affected superannuation returns, and also the government revenues for similar reasons. I think the senator knows enough about matters financial to understand that is the case.

On the second point about retirement savings, I would make this point. It is interesting to be lectured about the importance of superannuation by someone from a party which opposed it. The only reason working Australians have superannuation on a widespread basis, as opposed to it simply being the preserve of the wealthy, is that Labor governments and the trade union movement built the system of compulsory superannuation, of occupational superannuation. And who did we have to fight every step of the way to have that system built?

There are people on this side who can give you a bit of a history on it, Mr President, because it preceded me coming into parliament. There are people who are part of that fight to deliver superannuation. Let me tell you, Mr President, those on the other side are no friend of workers when it comes to occupational superannuation. They have always opposed it. They opposed its introduction and now they come in here and try and pretend they are a great friend of— (Time expired)