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Wednesday, 11 May 1994
Page: 564


Senator WATSON —I give notice that, on the next day of sitting, I shall move:

  That the Senate notes that—

  (a)in the coming year, the Government will take $1.55 billion tax from superannuation funds, which represents an increase of 27 per cent on last year's figures;

  (b)5 years ago there was minimal tax imposed on superannuation; and

  (c)the three levels of tax on superannuation are reducing the attraction of superannuation as the prime retirement vehicle for Australians.