QUESTIONS WITHOUT NOTICE

Dr CHALMERS (Rankin—Treasurer) (14:50): Big thanks to the member for Hughes for his question but also for convening with the member for Reid last week at a discussion with the small businesses of his wonderful part of Australia, south of Sydney. Whether it's our efforts on wages or our efforts on tax cuts or on superannuation, this government is all about making sure that Australians earn more and keep more of what they earn and retire with more money as well.

We back universal superannuation because we back Australian workers. We know that superannuation is for retirement, and that's why we've introduced super on paid parental leave, payday super, reforming the retirement phase and boosting the low-income super tax offset. That's why we're strengthening consumer protections with the work that the Assistant Treasurer is doing.

Perhaps most importantly, that's why we took the superannuation guarantee from nine per cent to 12 per cent. Our policies to strengthen super are helping strengthen retirement incomes, but they're also helping to strengthen the budget at the same time. What the analysis in the Intergenerational report to be released next Monday will show is that super is one of the very best things that we have going for us when it comes to meeting our intergenerational obligations.

The median retirement age balance is set to go up to $450,000 over the next decade, up from $200,000 in the latest data and $115 000 a decade earlier. The share of older Australians getting a pension or income support payment is expected to fall from 66 per cent last year to 52 per cent in 40 years. What that means is that, while total pension spending is expected to go up in most OECD countries, in Australia spending as a percentage of GDP will go down at the same time as people's actual retirement incomes will go up.

So it is mad beyond words that those opposite want to trash the system which is good for workers and good for the budget. New analysis out today will show just how crazy the opposition's policies are when it comes to copying One Nation and coming after super. Consider this: a 25-year-old full-time worker earning the average full-time wage could be $770,000 worse off in nominal terms at retirement if they earn nine per cent super compared to 12 per cent super.

Remember that the coalition policy in the top drawer of the Leader of the Opposition's office is to take super from 12 per cent down to nine per cent. This is more proof that Australian workers would earn less under those opposite and retire with less as well. Australian workers would pay a hefty price if any combination or coalition of those three parties over there won office.

When it comes to superannuation, we've made it very clear that we back workers and they attack them. (Time expired)