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     2 Superannuation (Objective) Bill 2016

The order of the day having been read for the resumption of the debate on the question—That the bill be now read a second time—

Debate resumed by Mr Bowen who moved, as an amendment—That all the words after “That” be omitted with a view to substituting the following words:

“whilst not declining to give the bill a second reading, the House notes:

(1)    the Budget is under threat due to this Government’s poor economic leadership, which is hitting the pay packets of Australians and risking our triple-A credit rating;

(2)    the Opposition has been leading the debate on reforming superannuation tax concessions for over a year;

(3)    while the Government’s superannuation package goes some way to reforming these concessions, they could go further;

(4)    the Opposition has outlined a clear position for sustainable and fairer super tax concessions that includes:

(a)    lowering the High Income Superannuation Contribution threshold to $200,000;

(b)   lowering the annual non-concessional contributions cap to $75,000;

(c)    opposing the introduction of catch-up concessional contributions; and

(d)   opposing the changes to tax deductibility for personal superannuation contributions; and

(5)    the Opposition’s position on the super package would improve the budget by $1.4 billion over the forward estimates and $18.9 billion over the medium-term”.

Debate ensued.

It being 1.30 pm, the debate was interrupted in accordance with standing order 43 and the resumption of the debate made an order of the day for a later hour this day.