Senate debates

Thursday, 9 March 2023

Questions without Notice

Superannuation: Taxation

2:32 pm

Photo of Katy GallagherKaty Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Hansard source

Because I've been dealing with these questions all week, I would point out to the chamber that the coalition closed the defined benefit superannuation scheme for the military in 2015, but we have been clear that defined benefit schemes will be part of this change. We said that when we announced it, and we will consult with the sector on implementation.

I welcome the opportunity to go through it, and I might start with the member for Hume's comments which relate to high-balance accounts back in 2016. He said:

Well, it's very simple … We need a fairer superannuation system which has integrity, and this means that those of us who can afford to pay, should be paying our fair share.

He said the situation we had was:

Some people were contributing millions of dollars into super and it's totally inappropriate that someone who's contributed millions and millions of dollars continues to get—

fifteen per cent concessions.

An honourable senator: Who said that?

That was the member for Hume in 2016, and now we've got a sensible, modest, responsible change that deals with fairness and equity in the superannuation system. Those opposite, the party of the member for Hume, all of a sudden are going to die on a hill for a less concessional arrangement for the 0.5 per cent of people who are fortunate enough to have more than $3 million in their super accounts.


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