Deborah O'Neill (NSW, Australian Labor Party, Shadow Assistant Minister for Innovation) Share this | Link to this | Hansard source

My question is to the Minister representing the Prime Minister, Senator Cormann. Can the minister confirm that, on average, Australian women retire with 42 per cent less super than men or $113,000 less? Will the Prime Minister support Labor's plan to invest $400 million to boost women's super and help women plan for a secure financial future and have dignity in retirement?

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

We will continue to consider all options to help boost women's superannuation. But let me point out that the coalition has a very proud track record when it comes to introducing real, tangible measures to help women save for their retirement, including of course the low-income superannuation tax offset, which benefits around 1.9 million women by over $500 million; levelling the playing field by scrapping restrictions on who can make personal deductible contributions, benefitting 800,000 Australians, including those women who are working in roles without access to formal salary sacrificing arrangements—

Scott Ryan (President) Share this | Link to this | Hansard source

Senator O'Neill, on a point of order.

Deborah O'Neill (NSW, Australian Labor Party, Shadow Assistant Minister for Innovation) Share this | Link to this | Hansard source

Mr President, the question required a response to some specific requests. I asked whether the minister could confirm that women retire on 42 per cent less super than men or $113,000 less. Could the minister go to the detail of the question and say whether he will support Labor, rather than go on with his list?

Scott Ryan (President) Share this | Link to this | Hansard source

Senator O'Neill, I cannot instruct the minister how to answer the question, as long as he is being directly relevant. He is being directly relevant to the question.

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

Thank you very much, Mr President. In response to the substantive question at the end of the Senate's question, I said that the government would continue to consider all options to help boost women's super. But I am also pointing out our very strong track record, including our measure to enable catch-up concessional contributions, which will benefit 230,000 Australian, including those women with interrupted work patterns or irregular income, such as farmers and carers.

Of course, what Labor will do is increase taxes on superannuation, abolish the flexibility afforded by the government's catch-up contributions and keep restrictions on who can make personal deductible contributions. This will hurt the retirement savings of anyone with irregular income or work patterns, including mothers and carers who have taken time out of the workforce.

The government has introduced the comprehensive Protecting Your Super Package, which will stop the rorts and rip-offs in the superannuation sector, providing significant benefits to the financial security of millions of Australian women. Around two million women who hold low-balance inactive accounts will be protected from erosion through excessive fees and inappropriate insurance. Around 1.6 million women who are still contributing to low-balance accounts will also see hundreds of millions of dollars— (Time expired)

Scott Ryan (President) Share this | Link to this | Hansard source

Senator O'Neill, a supplementary question.

Deborah O'Neill (NSW, Australian Labor Party, Shadow Assistant Minister for Innovation) Share this | Link to this | Hansard source

Can the minister confirm that older, single women are one of the fastest growing groups falling into homelessness? Why is the government refusing to match Labor's plan to invest $400 million to boost women's super, only to leave a third of older, single women to live in poverty?

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

As I've already indicated, the government will continue to consider all options to boost women's super. But, of course, under Labor, women, including and in particular older women, will be worse off. Remember who announced the granny tax. Who announced the granny tax? Who wants to put their hands into the pockets of older women around Australia and increase taxes on their retirement savings? It is none other than Mr Shorten. That is what he did when he was the Minister for Financial Services and Superannuation when Labor were last in government. He kept using people's retirement savings as his personal ATM. He used to—

Scott Ryan (President) Share this | Link to this | Hansard source

Senator O'Neill, on a point of order.

Deborah O'Neill (NSW, Australian Labor Party, Shadow Assistant Minister for Innovation) Share this | Link to this | Hansard source

The question was about homelessness and poverty, and those words have not passed the minister's lips. I call your attention to the relevance of his response.

Scott Ryan (President) Share this | Link to this | Hansard source

Senator O'Neill, the question also included the word 'why', and by that nature it is a relatively open-ended question. You've reminded the minister of part of the question. I note that he has 23 seconds remaining. Senator Cormann.

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

Picking up on—

Doug Cameron (NSW, Australian Labor Party, Shadow Minister for Human Services) Share this | Link to this | Hansard source

On a point of order, the Leader of the Government in the Senate has indicated that Mr Shorten was using—

Scott Ryan (President) Share this | Link to this | Hansard source

What is your point of order, Senator Cameron?

Doug Cameron (NSW, Australian Labor Party, Shadow Minister for Human Services) Share this | Link to this | Hansard source

My point of order is that he should withdraw that statement.

Scott Ryan (President) Share this | Link to this | Hansard source

I didn't hear—

Honourable senators interjecting—

Order!

Doug Cameron (NSW, Australian Labor Party, Shadow Minister for Human Services) Share this | Link to this | Hansard source

It's a reflection—

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

I can assist the Senate and advise that that was not what I meant to say. What I meant to say was that Mr Shorten used the retirement savings of Australians as an ATM to fund Labor's spending in government.

Doug Cameron (NSW, Australian Labor Party, Shadow Minister for Human Services) Share this | Link to this | Hansard source

But not personally.

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

No.

Scott Ryan (President) Share this | Link to this | Hansard source

Senator O'Neill, a final supplementary question.

Deborah O'Neill (NSW, Australian Labor Party, Shadow Assistant Minister for Innovation) Share this | Link to this | Hansard source

Has the minister finished his answer?

Scott Ryan (President) Share this | Link to this | Hansard source

Yes.

Deborah O'Neill (NSW, Australian Labor Party, Shadow Assistant Minister for Innovation) Share this | Link to this | Hansard source

When will the government stop fighting itself and match Labor's commitment to pay superannuation to parents on paid parental leave and dad and partner pay?

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

What I would say to Senator O'Neill is: look at this great bunch of people over here. What you can see here is a strong and united team working hard to make Australia stronger, to keep the economy strong, to keep Australians safe and to keep Australians together. And, yes, we will continue to work very hard to ensure that hardworking Australians who work hard all their lives and put money away for their retirement are protected from the onslaught that would come if Mr Shorten became Prime Minister, where he would put his hands into their pockets to fund Labor's reckless spending in government—as he did last time, when he was in government.