Eric Abetz (Tasmania, Liberal Party) Share this | Hansard source

The current Labor leadership in the Senate seeks to scoff at that, but people in their 40s and 50s, relying on that promise, scrimped and saved and organised their retirement income and lifestyle on the basis of that promise, only to have this current Labor leadership, which is motivated by jealousy and envy and class warfare, rip this rug out from underneath them. Those retirees, on the promises made by the Labor Party 20 years ago, ordered their retirement funds and income accordingly. The Labor Party in this place will scoff, but the simple fact is that, unless we as a community and a society are willing to support and salute those who are willing to help themselves, the burden becomes much greater on everybody else. That is why Robert Menzies was so right when he said: if you don't provide encouragement and if you instead say to people, 'If you save, if you set money aside and if you invest in Australian companies in the hope of receiving a retirement income, the government will snatch it away from you,' why would they bother investing in Australian companies? Why would you bother looking after yourself in retirement? You can just rely on all your fellow Australian taxpayers. You know what happens? You can have the tax grab today, but that is like killing the goose that lays the golden eggs. You will get the extra golden egg for one day, but the cost will be quite substantial in the years to come. That is why Labor's policy is so divisive and so short-sighted and needs to be rejected.