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Tuesday, 2 September 2014
Page: 9394

Budget


Mr RIPOLL (Oxley) (14:30): My question is to the Prime Minister. Because of the government's changes to the superannuation guarantee, a 25-year-old Australian earning $55,000 a year will be over $9,000 worse off by 2025. Prime Minister, why should every Australian with superannuation pay for your broken promise?


Mr ABBOTT (WarringahPrime Minister) (14:30): The best thing that we can do for all Australians, including the Australian the honourable member asked me about, is build a stronger economy. If we want a stronger economy, we have to have a stronger budget and that is exactly what we will have as a result of the changes which have passed through the Senate today—no thanks to the Labor Party, which has dealt itself out of responsible government in this country—thanks to the crossbench senators; I do acknowledge the help they have provided to the government in this respect.

We are determined to build a good and decent retirement income system. We are determined to have a strong and decent social safety net and that is exactly what will happen as a result of the changes that have passed through the Senate today, and it will be sustainable.

Members opposite are waxing indignant about changes to superannuation. Let me remind them what happened when they were in charge. During Labor's time in office, there were increased taxes on superannuation of almost $9 billion including cutting super benefits for lower-income earners by more than $3.3 billion.

This is a government which is doing the right thing by the people of Australia because the right thing by the people of Australia is to build the strongest possible economy.