QUESTIONS WITHOUT NOTICE

Dr MULINO (Fraser—Assistant Treasurer and Minister for Financial Services) (14:34): I thank the member for McEwen for that question, and I would like to acknowledge that he has been a champion for superannuation for many years. He has worked in the transport sector and he understands that it's so important to extend superannuation to sectors where there are varied work practices and hours.

Labor is the party of superannuation. Our priority is ensuring that superannuation delivers on its purpose of providing income for a dignified retirement. We have already implemented a number of reforms to strengthen the superannuation system over the term of government, including paying superannuation on government funded paid parental leave and increasing the superannuation guarantee rate to 12 per cent.

Reaching 12 per cent was the cherry on the top of decades of reforms by Labor governments. We are currently pushing forward with more important reforms to make our system fairer, including implementing payday super and a major boost to the low-income superannuation tax offset. First, on payday super, we know that for too long many workers have waited months to receive their super.

Under Labor's reforms, from 1 July 2026 employers will be required to pay super at the same frequency as wages. This is a simple, practical change but one that will make a huge difference to millions of workers. It means more frequent contributions, earlier compounding returns and stronger retirement balances for millions of Australians.

The ATO estimates that more than $5 billion in super goes unpaid each year at the moment. That's money that should be sitting in workers' accounts, not lost from their future. For a 35-year-old who has unpaid super recovered, it can mean more than $30,000 more in their balance at retirement.

This matters most for people who need it the most—women and low-paid workers, who are more likely to be in casual or insecure work and who are likely to miss out on super when it isn't paid promptly. The second reform is our boost to the low-income superannuation tax offset. We're increasing the LISTO by $310 so that it's up to $810.

We're also increasing the threshold from $37,000 to $45,000 from 1 July 2027. This means that, if you earn $45,000 or less, you are not paying any tax on your super contributions. This means that you could benefit by around $15,000 in your balance by retirement, a huge difference.

At the same time, we're ensuring that our super system remains sustainable and fair by better targeting concessions for very large balances. We are the party of superannuation. We'll keep working to strengthen it, to make it fairer and more sustainable because all Australians deserve a dignified retirement.