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

Thank you to Senator Marshall for the question. Like other Labor senators he is a strong supporter of Australia's superannuation system. Of course, remember that the superannuation system, the superannuation guarantee for working people, was built by the Labor Party and the labour movement, and it is only the Labor Party and the labour movement that will ensure it will be built upon and grown.

What we will see next week is the start of the gradual increase in the SGC rate from nine to 12 per cent. This will be the first step in a significant increase over a number of years to the superannuation savings of working people. From 1 July, 8.4 million Australians will have the contributions paid into their superannuation accounts increased to 9.25 per cent, and the rate will continue to increase each year until it reaches 12 per cent on 1 July 2019. This will mean a substantial increase to the retirement savings of working people. There are few things more steeped in Labor values than the superannuation system. Labor built it over the opposition of those opposite and those who preceded them, and it is only Labor that will deliver the strengthening of the superannuation system for working Australians.

Let us remember what the position of the opposition is. The opposition leader is on record as describing his position on superannuation as: 'We have always as a coalition been against compulsory superannuation increases.' That is very clear articulation of the values of Mr Abbott and the coalition, who are opposed to increases in superannuation and opposed to increases in the retirement savings of working Australians. (Time expired)