QUESTIONS WITHOUT NOTICE
Dr MULINO (Fraser—Assistant Treasurer and Minister for Financial Services) (14:48): I thank the member for Forde for his question. I know the member for Forde, like all members on this side of the House, believes that Australians deserve a strong superannuation system and the dignified, secure retirements that the system is designed to deliver. The Albanese Labor government is delivering real change to strengthen our super system and ensure that it works for the people that it was designed to serve.
Australians deserve more than just getting by in retirement; they deserve the confidence that, after a lifetime of work, they can retire with the financial security to maintain their standard of living and enjoy the rewards of all of their hard work. That is exactly what Australia's world-leading super system is designed to deliver. That's why the government has been focused on strengthening super and protecting Australians' retirement savings.
We legislated payday super so that workers receive their super at the same time as their wages, helping ensure that Australians receive every dollar they are owed and benefit from years of additional investment returns. Before this major reform, over $6 billion wasn't going into people's accounts. We strengthened the low-income super tax offset, benefiting around 1.3 million Australians and helping low-income workers build stronger retirement balances.
We are continuing to strengthen consumer protections and lift standards across the system so that Australians can have confidence that their retirement savings are managed in their best interests. I'm also asked about whether there are any risks to Australians' retirement savings. Well, proposals to divert compulsory superannuation contributions away from retirement will hurt Australians.
We know that many people are doing it tough, but raiding super is not the way to provide additional support for people. On this side of the House, we actually care about people's wellbeing. That's why we've delivered tax cuts for every single taxpayer—five cuts delivered in three different ways.
We've provided pay rises for minimum and award wage workers, cuts to student debt of 20 per cent and cheaper medicines. In contrast, taking money out of super leaves future retirees with less independence and less security and lower living standards. It's a callous policy from three parties that oppose real cost-of-living support at every opportunity.
Modelling by SMC has shown that a median full-time worker withdrawing three per cent of their contributions for three years would be $25,000 worse off at retirement. For a couple, that's $50,000 worse off. One Nation want to act as the nation's pawnbroker, encouraging people to borrow from the future for their own detriment.
Whether it's the Liberals, Nationals or One Nation—they're all different parties but just in name—it's always the same old agenda that will leave Australians worse off. On this side of the House, we believe that if Australians work hard and contribute throughout their lives, they deserve the opportunity to retire with dignity, security and independence. And that's exactly what this government is delivering.