Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

As I have indicated, the government's reforms are designed to ensure that tax concessions made available in the context of superannuation are fair, sustainable and fit for purpose. The purpose of superannuation tax concessions producing a lower tax rate or no tax rate—under certain circumstances—is to encourage people to save, to generate an income in retirement that replaces or supplements the age pension. It was never meant to be a tax effective wealth accumulation or estate-planning vehicle. What we are doing is making sure that, at the higher wealth and higher income end, people pay a more appropriate share of tax. If you have a situation where a growing amount of income generated in Australia, in particular at the higher wealth and higher income end, is generated completely tax free, it means that every other family has to pay more tax to pay for the goods and services provided by government— (Time expired)