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

I thank Senator Brockman for that supplementary. When you put people in the best possible position to save for their own retirement by providing the right incentives and removing disincentives, more people will save and invest and fewer people will rely on a full pension. It also means that the government is better able to provide the strong safety net for those Australians who genuinely need that support, making sure that the taxes paid by all Australians are appropriately well targeted in terms of the expenditure. Labor's policy, to put their hands into the pockets of hard-working Australians with higher taxes, will affect Australians who have worked hard all their lives, who have saved hard, who have been encouraged by governments of both persuasions to save hard and to invest in their retirement, to invest in Australian shares. Their investment is vital to ensuring our economy continues to grow by ensuring Australian businesses receive capital to grow. But that is not the only reason. Citi Research shows that Labor's policy would diminish demand for Australian shares relative to other investments.