Andrew Broad (Mallee, National Party) Share this | Link to this | Hansard source

I want to the commend the Treasurer for freezing the superannuation guarantee at 9½ per cent for the next seven years, with increases to 12 per cent by 2025, and also for retaining the low-income superannuation contribution, the income support bonus and the schoolkids bonus. Increases in economic growth should be shared by workers. The Henry tax review, however, found against the increase from nine per cent, saying that the increase in the employee's retirement income would be 'achieved by reducing their standard of living before retirement'. The increase simply comes by reducing people's earnings in the future.

I believe in choice. If a person chooses to take that increase in their wage and put that in their superannuation tax free, they should. But, if a person chooses to put that into paying off their home, this gives them the capacity. If a person chooses to put this into educational opportunities for their children, this gives them the capacity. The idea that somehow we are taking money away from people in future growth is wrong. Increases in income should be determined by the person who earns those. If they choose to put more money in their super that is their choice. But, if they choose to put it in their house, that is actually a better investment. I think the Treasurer has made the right decision by the workers of Australia.