STATEMENTS BY SENATORS

Senator DOWLING (Tasmania) (13:50): The Labor government has announced updates to our superannuation system to make it fairer from top to bottom. That means maintaining concessionality at the top end but making those concessions more sustainable, partly so that we have a fair system for those on lower incomes. The government will do this through updating something known as the low income superannuation tax offset, also called LISTO.

This change is careful, targeted and fair. Labor had the vision to build a modern-day superannuation system, and adjusting LISTO is how we keep faith with that vision. Approximately 1.3 million Australians will have a more secure retirement thanks to this change, including 750,000 women and around 20,000 Tasmanians.

Simply put, this means hundreds of dollars more, every year, flowing into the super balances of Australians who can least afford to miss out—part-timers, casuals, young people and, disproportionately, women. There's a gender fairness dividend here as well. Women make up the majority of low-paid and part-time workers, and they retire with around a quarter less super than men.

Raising LISTO is not a silver bullet, but it's a practical step towards closing the gap, alongside measures like paying super on paid parental leave and cracking down on unpaid super. The change is also good economic policy. Stronger retirement balances reduce pressure on the aged pension.

In that sense, the reform pays off twice. It helps individuals build dignity and security for retirement, and it helps the country keep the system sustainable. In politics, we argue a lot about big numbers and grand plans.

This isn't that. It's careful, targeted and fair. A Labor government built our superannuation system, and the Albanese Labor government and Treasurer Jim Chalmers continue to make it work for everyone.