This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.theguardian.com/australia-news/live/2016/jun/02/superannuation-policy-continues-to-cause-headaches
The article has changed 20 times. There is an RSS feed of changes available.
| Version 13 | Version 14 |
|---|---|
| Shorten attacks Sinodinos on superannuation: 'People don’t want surprises' - live updates | Shorten attacks Sinodinos on superannuation: 'People don’t want surprises' - live updates |
| (35 minutes later) | |
| 5.57am BST | |
| 05:57 | |
| Perhaps Labor could tax hyperbole next? Just a thought. | |
| Labor already have a plan for $100 billion of higher taxes on the Aus economy. What will Labor tax next? #ausvotes pic.twitter.com/GRTtY3LUuv | |
| 5.55am BST | |
| 05:55 | |
| Some folks in the thread believe Labor’s policy announcement got short shrift today. It was flagged early and the Shorten press conference was covered in real time, but in the event you feel short changed, Labor today promised to enter into power purchase agreements (PPA) equal to bringing Commonwealth energy use up to 50% renewable energy by 2030. The contracts would be entered into for 10 to 15 years. | |
| 5.48am BST | |
| 05:48 | |
| The afternoon is orderly enough to allow me a brief dive into the thread. Happy times. | |
| 5.16am BST | 5.16am BST |
| 05:16 | 05:16 |
| Let's take stock | Let's take stock |
| Having heard about Neville’s concerted advocacy to Chinese consumers on behalf of Australian mattresses from the prime minister this morning , I thought you might like to see a picture. | Having heard about Neville’s concerted advocacy to Chinese consumers on behalf of Australian mattresses from the prime minister this morning , I thought you might like to see a picture. |
| Let’s wave to Neville and move on with a stocktake of Thursday. | Let’s wave to Neville and move on with a stocktake of Thursday. |
| Yo ho, on we go. | Yo ho, on we go. |
| 4.48am BST | 4.48am BST |
| 04:48 | 04:48 |
| Peter Dutton says the government will 'listen to the requests people have' on super | Peter Dutton says the government will 'listen to the requests people have' on super |
| Just before I draw the morning together it’s worth sharing this section of conversation between the immigration minister Peter Dutton and Ray Hadley on Sydney radio from earlier today. We join the conversation just as our protagonists have concluded that you couldn’t expect the Green Senator Sarah Hanson-Young to understand superannuation. | Just before I draw the morning together it’s worth sharing this section of conversation between the immigration minister Peter Dutton and Ray Hadley on Sydney radio from earlier today. We join the conversation just as our protagonists have concluded that you couldn’t expect the Green Senator Sarah Hanson-Young to understand superannuation. |
| Ray Hadley: | Ray Hadley: |
| To be fair to her, Julie Bishop couldn’t explain to my colleague Neil Mitchell your policies either, when she was interviewed earlier this week, but that comes as no surprise because it’s revealed today that scant detail of the super changes were revealed to the parliamentary party and some of them aren’t too happy about it and all of a sudden cabinet secretary Arthur Sinodinos comes out on Sky News last night. For the first time someone is blinking and I hope they do blink, because I think it will harm your party unless they do blink before the election. He’s saying: look, after the election it’s going to go back to the party room and then it will be tweaked probably, minor changes, then it’s got to go to the lower house and then it’s got to go to the Senate. I can’t get through to the treasurer that it’s hurting your party, but I think it must be a realisation now that Arthur Sinodinos is starting to blink a little bit at the policy. | |
| Peter Dutton: | Peter Dutton: |
| But Ray if you have a look at the way in which budgets are put together. These sort of announcements are held tightly obviously by the treasurer, by the finance minister, by ERC that put the budget together. | But Ray if you have a look at the way in which budgets are put together. These sort of announcements are held tightly obviously by the treasurer, by the finance minister, by ERC that put the budget together. |
| I was assistant treasurer to Peter Costello back in the Howard days and there were announcements that we made that were held until budget night because you’ve got market sensitive information that’s released. So there’s nothing out of the ordinary in the process here. | I was assistant treasurer to Peter Costello back in the Howard days and there were announcements that we made that were held until budget night because you’ve got market sensitive information that’s released. So there’s nothing out of the ordinary in the process here. |
| I think what Arthur is rightly pointing out is you go through a consultation phase to have a look at unintended consequences of legislation, you listen to the requests people have – from the finance sector wherever it might be – but look in the end what do we want to do? | I think what Arthur is rightly pointing out is you go through a consultation phase to have a look at unintended consequences of legislation, you listen to the requests people have – from the finance sector wherever it might be – but look in the end what do we want to do? |
| We want to make superannuation more sustainable. We want to make sure we’ve got integrity measures in place. We want to support people in their retirement phase and we need to do that in an environment where we’ve got a huge amount of debt and we’re trying to get back into surplus. | We want to make superannuation more sustainable. We want to make sure we’ve got integrity measures in place. We want to support people in their retirement phase and we need to do that in an environment where we’ve got a huge amount of debt and we’re trying to get back into surplus. |
| If we look closely at what Dutton is saying, he’s basically confirming the issue wasn’t put to the party room in any detailed way during budget week. He’s also saying the government will listen to the requests people have, which is a bit different to what the prime minister and the treasurer are saying. | If we look closely at what Dutton is saying, he’s basically confirming the issue wasn’t put to the party room in any detailed way during budget week. He’s also saying the government will listen to the requests people have, which is a bit different to what the prime minister and the treasurer are saying. |
| Updated | Updated |
| at 5.32am BST | |
| 4.30am BST | 4.30am BST |
| 04:30 | 04:30 |
| I’ll draw all these threads together when I summarise the events of the morning shortly. In the interim, a bit of news, Sky News political editor David Speers is reporting the former ABC managing director Mark Scott will run the education department in NSW. | I’ll draw all these threads together when I summarise the events of the morning shortly. In the interim, a bit of news, Sky News political editor David Speers is reporting the former ABC managing director Mark Scott will run the education department in NSW. |
| 4.27am BST | 4.27am BST |
| 04:27 | 04:27 |
| Holding the line on superannuation. | Holding the line on superannuation. |
| PM @TurnbullMalcolm: No changes to superannuation tax policy #ausvotes #auspol https://t.co/JuHzPNJnKd | PM @TurnbullMalcolm: No changes to superannuation tax policy #ausvotes #auspol https://t.co/JuHzPNJnKd |
| 4.23am BST | 4.23am BST |
| 04:23 | 04:23 |
| 'The substance, the import, the object of the reforms that we have set out in the budget are there and they are not going to be changed' | 'The substance, the import, the object of the reforms that we have set out in the budget are there and they are not going to be changed' |
| The prime minister is pressed on superannuation, and holds the line. | The prime minister is pressed on superannuation, and holds the line. |
| Malcolm Turnbull: | Malcolm Turnbull: |
| What we have set out is what we are going to do, and then obviously in terms of the drafting, there is consultation with the industry. | What we have set out is what we are going to do, and then obviously in terms of the drafting, there is consultation with the industry. |
| But the substance, the import, the object of the reforms that we have set out in the budget are there and they are not going to be changed. They are fair. | But the substance, the import, the object of the reforms that we have set out in the budget are there and they are not going to be changed. They are fair. |
| Yes, I know, I understand that some people on very high – with very large superannuation balances will have to pay a little more tax and some people on very high incomes will not get as much of a tax shelter out of super as they did. But they are still getting a very good deal. It is still, at 15%, you are paying less tax on superannuation earnings than somebody pays on their lowest income tax bracket, 19%. So you have got people on well below average full-time earnings who are paying more tax, much more tax than 15%, even on an average basis. | |
| So we’ve got to get real about this. | So we’ve got to get real about this. |
| Updated | |
| at 5.30am BST | |
| 4.19am BST | 4.19am BST |
| 04:19 | 04:19 |
| A brief digression on one of the mattress artisans, Neville. | A brief digression on one of the mattress artisans, Neville. |
| Malcolm Turnbull: | Malcolm Turnbull: |
| In fact Neville is one of the – Neville is – Neville, was stitching one of the beautiful mattresses there, Neville with his handsome white beard has become a household figure in China. | In fact Neville is one of the – Neville is – Neville, was stitching one of the beautiful mattresses there, Neville with his handsome white beard has become a household figure in China. |
| He’s become so well known through the publicity for the AH Beard products. Next time I go to Beijing, I will be able to say people I know Neville from AH Beard, with his own magnificent beard. | He’s become so well known through the publicity for the AH Beard products. Next time I go to Beijing, I will be able to say people I know Neville from AH Beard, with his own magnificent beard. |
| Updated | Updated |
| at 5.29am BST | at 5.29am BST |
| 4.18am BST | 4.18am BST |
| 04:18 | 04:18 |
| Bill Shorten: left of himself | Bill Shorten: left of himself |
| Q: PM, briefly, this morning your treasurer said that Labor was using taxes as bullets. You have called for moderation in language from MPs before. Is it possible that people who have faced real bullets might find the treasurer’s language inappropriate? | Q: PM, briefly, this morning your treasurer said that Labor was using taxes as bullets. You have called for moderation in language from MPs before. Is it possible that people who have faced real bullets might find the treasurer’s language inappropriate? |
| The prime minister also ponies up Bill Shorten’s war on business. | The prime minister also ponies up Bill Shorten’s war on business. |
| Malcolm Turnbull: | Malcolm Turnbull: |
| Bill Shorten has declared war on business. He’s declared war on the family businesses of Australia. He is denying them the tax relief that in the past he himself has said they deserve, and in the past Labor governments have delivered. This is a change, this is a dramatic move to the left. | Bill Shorten has declared war on business. He’s declared war on the family businesses of Australia. He is denying them the tax relief that in the past he himself has said they deserve, and in the past Labor governments have delivered. This is a change, this is a dramatic move to the left. |
| This is the most anti-business Labor leader we have seen in a very long time. He’s more anti-business than even he used to be in the past. Now the reality is that Bill Shorten has declared war on business and the first casualties are jobs. | This is the most anti-business Labor leader we have seen in a very long time. He’s more anti-business than even he used to be in the past. Now the reality is that Bill Shorten has declared war on business and the first casualties are jobs. |
| (I’d be careful about the “first casualty” locution myself, because you sail close to truth being the answer when you invoke the phrase, and you do invite scrutiny of the truth of the statement. At least Turnbull spares us the bullets.) | (I’d be careful about the “first casualty” locution myself, because you sail close to truth being the answer when you invoke the phrase, and you do invite scrutiny of the truth of the statement. At least Turnbull spares us the bullets.) |
| 4.13am BST | 4.13am BST |
| 04:13 | 04:13 |
| 'Let's get real about this' | 'Let's get real about this' |
| The prime minister says he needs to be very clear about superannuation and the impact of the changes. | The prime minister says he needs to be very clear about superannuation and the impact of the changes. |
| Malcolm Turnbull: | Malcolm Turnbull: |
| Now, it is true that some people, around 4%, on high incomes and with high superannuation balances will have to pay some more tax on their superannuation account in the sense they will pay the 15% tax whereas previously they were paying nothing. So if you have someone who has $10m in their superannuation account in retirement, currently they are not paying any tax at all on the earnings from that. No tax at all. | Now, it is true that some people, around 4%, on high incomes and with high superannuation balances will have to pay some more tax on their superannuation account in the sense they will pay the 15% tax whereas previously they were paying nothing. So if you have someone who has $10m in their superannuation account in retirement, currently they are not paying any tax at all on the earnings from that. No tax at all. |
| Under our changes, they will have no tax on the earnings of $1.6m and on the balance they will pay 15%, right? 15% remains avery concessional tax rate. That is less tax than a kid pays on his marginal income stacking shelves at Woolies. | Under our changes, they will have no tax on the earnings of $1.6m and on the balance they will pay 15%, right? 15% remains avery concessional tax rate. That is less tax than a kid pays on his marginal income stacking shelves at Woolies. |
| Let’s get real about this. Nobody likes paying more tax. Super has been an extremely generous system. It remains a very generous tax advantage system. That hasn’t changed. | Let’s get real about this. Nobody likes paying more tax. Super has been an extremely generous system. It remains a very generous tax advantage system. That hasn’t changed. |
| Updated | Updated |
| at 4.13am BST | at 4.13am BST |