Our clear, categoric commitment to the Australian people is that we are not going to make unexpected, adverse changes to superannuation.
Again, we have another broken promise from this government, misleading Australians in a sneaky, duplicitous deal with the Palmer United Party that will cost our economy and cost workers, particularly low-paid workers.
By freezing the increase in compulsory superannuation from nine to 12 per cent and abolishing the low-income superannuation contribution, the government is making it harder for low-income families to save for their retirement.
A typical 25-year-old worker on $55,000 a year will now have $9,500 less in their super account by 2025. National superannuation contributions will be $128 billion less over that period.
The most deceitful aspect of this is the abolition of the low income superannuation contribution. Low-income workers—3.6 million people, 2.1 million of whom are women—will pay more tax on their superannuation.
So the government is giving a tax break to nine wealthy mining companies but asking 3.6 million low-income workers to pay more tax. How is that a positive reform for our economy? It is not. It will discourage retirement savings and it is a dirty deal that will hurt families and reduce retirement savings.