QUESTIONS WITHOUT NOTICE

Senator GALLAGHER (Australian Capital Territory—Minister for Finance, Minister for the Public Service, Minister for Women, Minister for Government Services and Manager of Government Business in the Senate) (14:07): I thank Senator Stewart for the question. It's an important one, and I know that those on this side of the chamber will always argue to strengthen and protect Australia's superannuation system.

Back in the early 1990s, when a Labor government designed compulsory superannuation, it was all about reducing the reliance on the aged pension and making sure that the aged pension is one of the most sustainable pension systems in the world. I think, in any international comparison, Australia's retirement system shows Australia to be one of the best in the world despite the claims from those opposite.

Labor has built superannuation, and we have strengthened it since being in government. We've increased the superannuation guarantee to 12 per cent; we've ensured that super is paid at the same time as wages, which closes loopholes that have denied workers their entitlements; and we're paying super on government funded paid parental leave, which improves equity—especially for women.

And I know the Assistant Treasurer continues to work on other areas, like important consumer protections, which there'll be announcements about in the future. In relation to the low-income super tax offset, we have put that—better targeted super concessions for large balances over $10 million as well through the tax reform changes that we have put in place. But, when it comes to LISTO, which we joined with that higher balance change, about 1.3 million Australians will benefit from the boost to the low-income super tax offset.

This includes about 750,000 women and about 550,000 young people who will receive a boost of up to $810 per year to their superannuation account once they receive that. This means there's a benefit at retirement of up to $15,000 depending on their earnings over their career. The PRESIDENT: Senator Stewart, first supplementary?