Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Hansard source

I thank Senator Brockman for that very important policy question. Our government will always seek to support those Australians who act responsibly and prudently by saving for their own retirement throughout their working lives. We will always support those hardworking Australians who contribute to our economy during their working lives and, importantly, who make sacrifices throughout their lives to be able to look after their own needs in retirement or to limit their reliance on taxpayers. They deserve our support. Encouraging Australians to work harder to support themselves is precisely what our Liberal-National government is all about. As the Prime Minister says, a fair go for those who have a go. Labor used to believe this too, of course, but not any more.

Our government has introduced reforms to superannuation laws to ensure that those saving for retirement are not ripped off. We have extended fund choice for more Australians. In our last budget, we provided more time for Australians aged 65 to 74 with less than $370,000 in super to boost their retirement savings by introducing an exemption from the superannuation work test. Liberal-National governments have always backed older Australians. It was the Howard government, back in 2000, which amended the dividend imputation system to allow for the full refundability of franking credits. Back then Beazley Labor supported this policy. That was then. Shorten Labor stands for higher taxes on retirees and higher taxes on hard-working Australians who look after their own needs in retirement. Shorten Labor is all about putting their hands in the pockets of older Australians who have worked hard all their life to help pay for their latest spending spree. That is what older Australians will get under Labor. Labor today are reaching—let me say it again—into the pockets of around 900,000 Australians, including low-income earners and self-funded retirees, who will miss out on refunds of their own tax so that Bill Shorten can spend more of their money on reckless Labor spending.