Lisa Darmanin (Victoria, Australian Labor Party) Share this | Hansard source

That was a little hard to follow. I don't feel like I'm having a party when I come here. For me, it's more about doing the hard work of this government. It's no joke, actually. The Albanese Labor government's first economic term—in particular, I want to talk about tax policy, budget repair and targeted cost-of-living relief to support Australians while reducing inflation and getting wages moving again—is hardly something to joke about. I think people on this side of the chamber have not had a party when they have been working really hard over the last three years in delivering those outcomes for Australians.

The Treasurer has spoken about the decades-long productivity challenge facing this country and other developed countries around the world, and the Treasurer has also made clear that driving productivity is a key focus of the second term of the Albanese Labor government. That's why the upcoming productivity roundtable that will be happening here in August will be an important part of the next stage of reforms that need to continue in this country, and it will be a collective effort across the economy between the government, business, the community sector and workers. It is important for the government to lead this discussion and to bring all of these parties together so that we can continue on the path of productivity improvements and improving the wellbeing of all Australians.

Coming more specifically to tax policy, we haven't changed our tax policies, and our economic plans are centred on Australians earning more and keeping more of what they earn. We delivered three rounds of income tax cuts in our first term in parliament and we have made lots of progress in getting the budget in a much better position, but we need it to be even more sustainable at a time when global conditions are uncertain and when our economy needs to continue to be resilient.

While we showed in the first term that we could deliver budget surpluses despite all of these challenges, that we could engineer the biggest nominal turnaround in the budget in a single term in our history and that we could get Liberal debt down, there is obviously more that we need to do. We are very focused on doing that and on building a big agenda through the productivity roundtable and other economic and tax policy work to determine what our next steps will be.

Specifically, on the matter of the unrealised gains on superannuation balances—I could talk about this for a lot longer than the two minutes I have left. Labor are the party of superannuation, and this month we celebrated another milestone: 12 per cent compulsory superannuation paid to all workers' balances. This is the kind of thing we are focused on. We are focused on delivering secure, dignified retirement savings for the average worker in our economy. The increases delivered through the 12 per cent guarantee will mean that a worker aged 30 right now who is earning an average full-time income will have an extra $98,000 in retirement. That is significant. These are the kinds of reforms that we are delivering for real working people.

The fact is that our changes to better target superannuation concessions are modest, and they are being introduced in a methodical way that won't affect the vast majority of Australians—Australians like the worker who's aged 30 and earning an average income who will receive an extra $98,000 at retirement, thanks to our increase of the guarantee to 12 per cent. These changes will apply to only about half a per cent of people, those with more than $3 million in their superannuation balances. I don't actually know many people, if any at all, who have $3 million or more in their superannuation accounts. And they will still get generous tax concessions—just slightly less generous than the ones they get now.

Respected financial commentator Noel Whittaker has pointed out that, despite all the panic that's been peddled in some of the conservative newspapers around this taxing of unrealised gains, the reality is that super will still be a very attractive and concessional place to save for retirement, even when this modest measure is in place.