Senate debates

Thursday, 30 November 2023



5:11 pm

Photo of Dean SmithDean Smith (WA, Liberal Party, Shadow Assistant Minister for Competition, Charities and Treasury) Share this | Hansard source

The coalition does not support this motion. Superannuation is Australians' money that they invest over long timelines and they deserve certainty about the policy settings that affect their retirement. The former government delivered major reforms to superannuation that supported better member outcomes, better performance and transparent governance and that were driven by the clear understanding that superannuation is Australians' money.

The Prime Minister and the Treasurer promised no changes to superannuation prior to the election, and the Prime Minister promised no major changes to superannuation in February 2023 but has since broken that promise by introducing a new tax on unrealised capital gains, which is a world-first wealth tax that will hurt farmers and family businesses, and force Australians to pay tax on money they have not earned. The government's failure to index the new superannuation tax means that up to two million young Australians earning average wages today will face a wealth tax according to analysis of the Treasury model published in The Australian newspaper. The government should respect the mandate from the Australian people and abandon its broken promise on taxing superannuation.


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