Senator GIBSON —My question is addressed to the Assistant Treasurer. Minister, the superannuation figures you announced in the chamber yesterday showed that Australians are contributing an average of $500 million a week into superannuation. Will you inform the Senate how government initiatives, such as the choice of fund and the savings rebate, will help promote a savings culture in Australia?

Senator KEMP —I thank Senator Gibson for that important question. It deals with the announcement that I made in question time in this chamber regarding the very good figures which have emerged from the superannuation industry in the last year. These figures are welcomed throughout the community and certainly give the lie to the sort of fear that was being spread by the opposition benches—

Senator Sherry —It's our SG.

Senator KEMP —And in particular by Senator Sherry, who really distinguished himself by claiming that we were wrecking confidence in super. Judging by the contributions pouring into super, you would have to argue that confidence in superannuation is at a record high.

On coming to office, a key priority of this government has been to resurrect Australia's national savings from the very parlous position that it reached under the former government. I am pleased to report, and it is well known, that huge advances have been made in the area of public savings. We have turned around the Labor deficit of $10.3 billion that was left to us and, by the end of our term, we will show a surplus. I think that is particularly good news.

We are also committed to boosting private savings. Certainly, on the basis of the latest growth figures for superannuation, it appears that the government's efforts to achieve a savings culture in this country are well on track. I draw the Senate's attention to the headlines in today's papers. One headline says `We're saving $500m a week'—very good news. Another one, which is not good news for Senator Sherry—and, of course, Senator Sherry was responsible for this—says `ALP confounded by super boost'. Having spent the last 18 months saying that confidence was being wrecked in super, Senator Sherry is now trying to claim credit. You are a total joke, Senator Sherry!

As I have noted in this chamber, the retirement assets of Australians have grown by a quarter since this government came into office. This is really fantastic news for Aus tralia and for all Australians who are saving for their retirement. The gloom and doom merchants of the ALP, as the headline said, have been utterly confounded by these figures. It shows the appalling advice that Senator Nick `don't tax the rich' Sherry gave to the Labor caucus on this issue.

As Senator Gibson intimated, the government is looking to the future to see how it can continue to promote a savings culture in this country. In the area of superannuation, the government is strongly committed to providing workers with more choice and opportunities in managing their superannuation.

Senator Sherry —What did John Watson say about this?

Senator KEMP —Senator Sherry, you are getting a bit excited because you were dead wrong on superannuation. Last week, the Minister for Finance announced that these opportunities would be extended to Commonwealth employees. The choice of fund arrangements will give Australian workers a greater degree of control over their superannuation, which we believe will be a very strong incentive to promoting a savings culture in this country. (Time expired)