QUESTIONS WITHOUT NOTICE
Dr MULINO (Fraser—Assistant Treasurer and Minister for Financial Services) (14:28): I thank the member for Swan for her question and acknowledge that she has been a champion for superannuation throughout her time in this chamber. She has defended every increase in the superannuation guarantee, every one of which has been opposed tooth and nail by those opposite.
The Albanese Labor government believes that all Australians deserve dignity, security and independence in retirement. That's why we're focused on building a superannuation system that is stronger, fairer and more resilient, a superannuation system that delivers better outcomes for working Australians, not just today but for generations to come. Members on this side believe in superannuation.
We are members of a party that built superannuation. Since coming to office, the Albanese Labor government has delivered a comprehensive reform agenda to strengthen retirement outcomes for Australian workers. We have increased the superannuation guarantee to 12 per cent, which will deliver more for retirees; we have increased the low-income superannuation tax offset, boosting the retirement savings of 1.3 million Australian low-income workers, including around 750,000 women and including around 550,000 Australians under the age of 30; and we have legislated the objective of superannuation for the first time.
Australians deserve confidence that their hard-earned savings are protected, and that is exactly what this government will be doing. I'm asked about what risks there are to our system. The Liberals, Nationals and One Nation might be different political parties, but they have the same old agenda, and they will destroy superannuation if they get a chance.
They share a deeply concerning anti-worker, anti-super agenda that would destroy the economic security and retirement outcomes of millions of Australians. Their longstanding hostility to universal superannuation threatens one of the most important retirement systems in the world. We know that the shadow treasurer, for a long time, has been deeply sceptical about universal superannuation, calling it idiocy, and just last week Senator Bragg called it 'one of the biggest public policy failures since Federation'.
These are not the words of people who are going to support that system or build on it. We know now that Senator Hanson and the member for New England are joining this group, considering options to allow people to take out their retirement savings early. SMC found that a person aged 30 who withdrew $20,000 as part of the COVID-era early-release scheme is now expected to retire with around $93,600 less in superannuation.
That is an insight into what would happen if those opposite got their hands on the superannuation system. Labor is the party of superannuation. We built it and we continue to strengthen it.
The Liberals, Nationals and One Nation are coming after your superannuation, and they will leave you worse off in retirement.