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Thursday, 29 May 2003
Page: 15394

Mr SLIPPER (Parliamentary Secretary to the Minister for Finance and Administration) (9:40 AM) —I move:

That this bill be now read a second time.

The Superannuation (Government Co-contribution for Low Income Earners) Bill 2003 will enact legislation that will establish the arrangements for the government to pay superannuation co-contributions to qualifying low-income earners.

This bill, together with the Superannuation (Government Co-contribution for Low Income Earners) (Consequential Amendments) Bill 2003 will fulfil an election commitment, announced on 5 November 2001 in `A Better Superannuation System' to further assist low-income earners to save for their retirement.

The government co-contribution will replace the existing taxation rebate for personal superannuation contributions made by low-income earners with a more generous co-contribution. The maximum co-contribution of $1,000 compares with the current maximum rebate of $100.

This maximum co-contribution will match personal superannuation contributions of up to $1,000 made on or after 1 July 2002 by qualifying people on incomes of $20,000 or less. This maximum will then be tapered for each dollar of income over $20,000 meaning that some co-contribution will be available to qualifying people on incomes up to $32,500.

Full details of the measures in the bill are contained in the explanatory memorandum.

I commend the bill to the House and present the explanatory memorandum for this bill and the Superannuation (Government Co-contribution for Low Income Earners) (Consequential Amendments) Bill 2003.

Debate (on motion by Mr Edwards) adjourned.