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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
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| 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) | |
| 7.04am BST | |
| 07:04 | |
| Postcard from Rocky. | |
| Lawnmower man. But why? | |
| 6.56am BST | |
| 06:56 | |
| Behind you! A little ray of sunshine. | |
| 6.53am BST | |
| 06:53 | |
| Labor's renewables policy: take advantage of our advantages | |
| Paul Karp | |
| A pull together of Labor’s renewables policy from Paul Karp. | |
| The policy announcement from Bill Shorten and Tanya Plibersek at the University of New South Wales is about the government using renewable energy. | |
| Today I will be announcing that a Commonwealth government by 2030 will be deriving 50% of its energy mix from renewable sources. What we will do is put markers in the ground, pegs in the ground so we help create a market for investment in renewable energy. | |
| So that’s a bit like a household picking the green option from their power provider, except on a much larger scale. Labor says that 10-15 year contracts from the Commonwealth government will give the certainty needed for long term investment in the renewable energy sector. | |
| The research which we’ve been privileged to see this morning is going to drive a new wave of investment, advanced manufacturing, helping households have lower prices for their energy and also cutting pollution. The University of NSW should be congratulated. | |
| We’re the sunniest continent in the world but last year the United Kingdom had four times the amount of solar roof top installation that Australia had because of uncertainty under the Liberals.” | |
| Shorten said Australia should take advantage of its advantages - sunny climate and solar research. | |
| Australians should have a government in Canberra who is determined to take real action on climate change by focusing on renewable energy. | |
| Updated | |
| at 6.54am BST | |
| 6.42am BST | |
| 06:42 | |
| Katharine Murphy | |
| And with that, I’m going to bid you a fond farewell for this evening because I need to return to podcast duties. Again, you will be in the marvellous hands of Gabrielle Chan. Thanks for your company. I’ll see you again in the morning. | |
| 6.40am BST | |
| 06:40 | |
| Back to the Labor policy of the day, Bill Shorten was asked for a costing. Don’t you worry about that chaps, was the response. | |
| Q: How can you say there’ll be no net cost on the policy today, we don’t know what renewables is going to cost in 10 years? | |
| Bill Shorten: | |
| Well, I would just submit to you history and evidence. Back in 2000 barely 100 suburban rooftops had solar panels now there’s 1.5 million. If you look at every examination at the startling and significant improvements in the scale and the cost of renewable energy, again I’m giving a shout out to the professors and researchers here, they are now getting 35% efficiency in terms of conversion of sunlight to energy. They’re not stopping at 35% or 34.7%. These guys and girls are going to deliver remarkable outcomes. I’m very confident when you watch the impact, the combination of our natural resources, sunlight, great researchers, and a Labor government, all the trendline is down in terms of the cost. | |
| Q: So has it been costed then?Bill Shorten: | |
| In terms of what I said, everything. Warburton did a review which showed that renewable energy has a downward pressure in terms of household prices – | |
| Q: But some of –Bill Shorten: | |
| I just want to keep unpacking this, Tommy, I’m going to keep unpacking it and then you can sort of give me your opinion. Yesterday, we were up in Brisbane. You saw those lithium batteries, the technology is practically changing in front of our eyes and we saw the range of new technologies. I have no doubt if you look at the tipping point about investment and renewable energy I could submit to you another number which shouldn’t be ignored in this debate about real action on climate change. Two million jobs have been added around the world in renewable energy jobs. One country has managed to lose nearly 3000 jobs. That’s Australia. Now Australians, we’ve got the best in the world research here and yet we’re coming towards the bottom of the world in terms of jobs, the missing link between converting our natural advantages, our scientific genius, the hard work of a lot of people, the desire by Australian families to have lower household electricity prices is a government who is going to take real action on climate change. | |
| 6.23am BST | 6.23am BST |
| 06:23 | 06:23 |
| Today there has been a solemn repatriation ceremony where 21 Vietnam veterans, three killed in Malaysian conflicts, two spouses and six children, have been returned to Australia. The bodies had been buried at the Terendak cemetery in Malaysia, on what is still an operating military base. While prime minister, Tony Abbott pledged to allow the repatriation to occur, and it was carried out this morning. | Today there has been a solemn repatriation ceremony where 21 Vietnam veterans, three killed in Malaysian conflicts, two spouses and six children, have been returned to Australia. The bodies had been buried at the Terendak cemetery in Malaysia, on what is still an operating military base. While prime minister, Tony Abbott pledged to allow the repatriation to occur, and it was carried out this morning. |
| The shadow treasurer Chris Bowen referred to that event in a media conference a little while ago, indicating that if the prime minister and the treasurer wanted to get into the war metaphors for a bit of intra-day campaigning, they might chose another day. | The shadow treasurer Chris Bowen referred to that event in a media conference a little while ago, indicating that if the prime minister and the treasurer wanted to get into the war metaphors for a bit of intra-day campaigning, they might chose another day. |
| Chris Bowen: | Chris Bowen: |
| The prime minister and treasurer might want to reflect on the use of that language today. Especially today. They might want to reflect on that. The Australian people have a right to be disappointed in the prime minister’s language. I don’t intend to add anything further to that. They might want to reflect about the use of that language on a day when we are considering war in another context. | The prime minister and treasurer might want to reflect on the use of that language today. Especially today. They might want to reflect on that. The Australian people have a right to be disappointed in the prime minister’s language. I don’t intend to add anything further to that. They might want to reflect about the use of that language on a day when we are considering war in another context. |
| There’s been some criticism around today that neither the prime minister nor the opposition leader went to the ceremony today. The governor-general presided. I’m not outraged about it, but everyone is obviously free to have their own views about it. The prime minister was asked about it during his press conference earlier, and this is what he said. | There’s been some criticism around today that neither the prime minister nor the opposition leader went to the ceremony today. The governor-general presided. I’m not outraged about it, but everyone is obviously free to have their own views about it. The prime minister was asked about it during his press conference earlier, and this is what he said. |
| Malcolm Turnbull: | Malcolm Turnbull: |
| It’s a very solemn moment. It’s the largest - as you know, a very large repatriation of remains of former servicemen and their families. The governor-general is representing the Commonwealth as our head of state and the defence minister and minister for veterans’ affairs and their shadow counterparts are there as well. | It’s a very solemn moment. It’s the largest - as you know, a very large repatriation of remains of former servicemen and their families. The governor-general is representing the Commonwealth as our head of state and the defence minister and minister for veterans’ affairs and their shadow counterparts are there as well. |
| That is an appropriate and very dignified and respectful representation of the nation, as we bring the remains of those who served our nation bravely, home. | That is an appropriate and very dignified and respectful representation of the nation, as we bring the remains of those who served our nation bravely, home. |
| Bill Shorten squared his circle via twitter. | Bill Shorten squared his circle via twitter. |
| We offer our nation’s thanks to their families & we honour their sacrifice, alongside all who served in Australia’s name. Lest we forget. | We offer our nation’s thanks to their families & we honour their sacrifice, alongside all who served in Australia’s name. Lest we forget. |
| 5.57am BST | 5.57am BST |
| 05:57 | 05:57 |
| Perhaps Labor could tax hyperbole next? Just a thought. | 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 | 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 | 5.55am BST |
| 05:55 | 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. | 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. |
| Updated | Updated |
| at 6.15am BST | at 6.15am BST |
| 5.48am BST | 5.48am BST |
| 05:48 | 05:48 |
| The afternoon is orderly enough to allow me a brief dive into the thread. Happy times. | 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. |
| Updated | Updated |
| at 6.18am BST | at 6.18am BST |
| 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. | 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 6.16am BST | at 6.16am 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. | 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 | Updated |
| at 5.30am BST | 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 |