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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) | |
| 3.32am BST | |
| 03:32 | |
| Right now, Malcolm Turnbull is looking at ... mattresses. | |
| PM is inspecting the wares #ausvotes pic.twitter.com/S0PdaRnxjE | |
| 3.31am BST | |
| 03:31 | |
| Toxins, in a chart. Yes I did forget to share the picture before. This says it all, really. | |
| A press conference with the prime minister is coming up very shortly. | |
| 3.19am BST | |
| 03:19 | |
| Katharine Murphy | |
| Hello everyone, thanks to Gabi and to Paul and to the readers for managing that short period of turbulence, I’m back. | |
| 3.09am BST | 3.09am BST |
| 03:09 | 03:09 |
| Gabrielle Chan | |
| Back to superannuation, Shorten was asked about Labor’s policies. Both Labor and the Coalition are moving to rein in generous superannuation concessions, set up by Peter Costello in the last year of the Howard government. | Back to superannuation, Shorten was asked about Labor’s policies. Both Labor and the Coalition are moving to rein in generous superannuation concessions, set up by Peter Costello in the last year of the Howard government. |
| In terms of our policies we outlined last year, we led. We said if you earn more than $250,000 that the money you have paid into your superannuation would be taxed at 30 cents rather than 15. Currently you don’t get to that 30 rents tax rate until you are at $300 ,00. So we brought that down by $50,000. | In terms of our policies we outlined last year, we led. We said if you earn more than $250,000 that the money you have paid into your superannuation would be taxed at 30 cents rather than 15. Currently you don’t get to that 30 rents tax rate until you are at $300 ,00. So we brought that down by $50,000. |
| We also said in a retirement phase if you had earnings, interest, from your superannuation lump sum which was delivering you more than $75,000 dollars a year, that you would pay a 15% rate on the earnings above $75,000. | We also said in a retirement phase if you had earnings, interest, from your superannuation lump sum which was delivering you more than $75,000 dollars a year, that you would pay a 15% rate on the earnings above $75,000. |
| And we said this because we knew that Howard and Costello were too generous back in the ‘06, ‘07 budget because prior to then there had been a limit that superannuation was never intended to be a tool where people would minimise all their taxation. But we knew that Howard and Costello had gone too far. | And we said this because we knew that Howard and Costello were too generous back in the ‘06, ‘07 budget because prior to then there had been a limit that superannuation was never intended to be a tool where people would minimise all their taxation. But we knew that Howard and Costello had gone too far. |
| So we said prospectively we need to make sure we rein that in and we put some markers down. To be fair the business community knew what we were doing and we could understand you have to make decisions which benefit the national interest not just some people. | So we said prospectively we need to make sure we rein that in and we put some markers down. To be fair the business community knew what we were doing and we could understand you have to make decisions which benefit the national interest not just some people. |
| On any fair assesment, current superannuation laws need reining in. Well known economist Saul Eslake calls them a “rort” and a “gift” to people who have the capacity to put away large lumps of cash into super to build wealth and avoid tax. | On any fair assesment, current superannuation laws need reining in. Well known economist Saul Eslake calls them a “rort” and a “gift” to people who have the capacity to put away large lumps of cash into super to build wealth and avoid tax. |
| The argument between the two parties is on how to best close that door. | The argument between the two parties is on how to best close that door. |
| And just a point on the Coalition unrest. I have been calling around the Coalition backbenchers for the past two days on this. They say people are confused and concerned but once the policy is explained, they realise they are usually not effected. One MP said he had the case of someone who had sold their house to downsize and wanted to put a lump into his super. That was no longer possible so he was cranky. | And just a point on the Coalition unrest. I have been calling around the Coalition backbenchers for the past two days on this. They say people are confused and concerned but once the policy is explained, they realise they are usually not effected. One MP said he had the case of someone who had sold their house to downsize and wanted to put a lump into his super. That was no longer possible so he was cranky. |
| I have also not found anyone worried about donations. Which is not to say there are not worries. I would like to hear someone say it out loud. | I have also not found anyone worried about donations. Which is not to say there are not worries. I would like to hear someone say it out loud. |
| Updated | |
| at 3.20am BST | |
| 2.42am BST | 2.42am BST |
| 02:42 | 02:42 |
| Paul Karp | Paul Karp |
| Bill Shorten has given a doorstop at the University of New South Wales in Sydney. He criticised Arthur Sinodinos’s comments the government might review superannuation changes after the election. | Bill Shorten has given a doorstop at the University of New South Wales in Sydney. He criticised Arthur Sinodinos’s comments the government might review superannuation changes after the election. |
| Shorten: | Shorten: |
| People don’t want surprises in superannuation. Furthermore, if they make changes to superannuation under pressure from their backbench after the election, which we’re not guaranteed of, what other cuts will they have to implement to make up for the hole in their expenditure which they do by reversing superannuation changes.” | People don’t want surprises in superannuation. Furthermore, if they make changes to superannuation under pressure from their backbench after the election, which we’re not guaranteed of, what other cuts will they have to implement to make up for the hole in their expenditure which they do by reversing superannuation changes.” |
| He took up the fight again on whether changes in the 2016 budget were retrospective: | He took up the fight again on whether changes in the 2016 budget were retrospective: |
| Now Mr Turnbull wasn’t straight on Sunday night when he said the changes aren’t retrospective. Now everyone right from the conservative thinktank, the IPA, right through to the CPA, the peak body representing accountants say these changes are retrospective. | Now Mr Turnbull wasn’t straight on Sunday night when he said the changes aren’t retrospective. Now everyone right from the conservative thinktank, the IPA, right through to the CPA, the peak body representing accountants say these changes are retrospective. |
| Shorten raised a new practical problem about people accounting for what they’ve put into super from 2007: | Shorten raised a new practical problem about people accounting for what they’ve put into super from 2007: |
| Australians aren’t required to keep their tax records for longer than five years, nor are superannuation funds as a general rule, but Mr Turnbull’s changes mean people have to go back and calculate what they’ve done over nine years. The tax office is getting flooded. These people don’t know the superannuation system. | Australians aren’t required to keep their tax records for longer than five years, nor are superannuation funds as a general rule, but Mr Turnbull’s changes mean people have to go back and calculate what they’ve done over nine years. The tax office is getting flooded. These people don’t know the superannuation system. |
| And clearly senator Sinodinos is picking up the jungle drums of angry conservatives and now’s saying they may change the policy. The truth of the matter is this government is saying one thing before an election, but they’re already flagging they’ll do something else after the election. If you can’t trust them on superannuation, what can we trust them on any aspect of their economic plan when it comes to keeping their promises? | And clearly senator Sinodinos is picking up the jungle drums of angry conservatives and now’s saying they may change the policy. The truth of the matter is this government is saying one thing before an election, but they’re already flagging they’ll do something else after the election. If you can’t trust them on superannuation, what can we trust them on any aspect of their economic plan when it comes to keeping their promises? |
| Updated | Updated |
| at 3.04am BST | at 3.04am BST |
| 2.39am BST | 2.39am BST |
| 02:39 | 02:39 |
| Gabrielle Chan | |
| I will have more from the Bill Shorten campaign in the minute. Let me return to a personal obsession. | I will have more from the Bill Shorten campaign in the minute. Let me return to a personal obsession. |
| The John Cain Foundation has released a report into political donations. The former Labor frontbencher Maxine McKew is the chairwoman of the foundation. She spoke to Fran Kelly this morning and you can hear the full interview here. | The John Cain Foundation has released a report into political donations. The former Labor frontbencher Maxine McKew is the chairwoman of the foundation. She spoke to Fran Kelly this morning and you can hear the full interview here. |
| The report calls for a “comprehensive clean-up of the shambolic and inadequate” donation disclosure system in Australia. | The report calls for a “comprehensive clean-up of the shambolic and inadequate” donation disclosure system in Australia. |
| Transparency is the key here. If we could see real-time donations through the whole political cycle it would enlighten us, no end. Imagine if you could see an industry/union donating to a political party while they are publicly advocating policy in the media. Remember the Kevin Andrews donation from Clubs NSW? Whatever the decision-making process, it improves the view for voters into the political process. | Transparency is the key here. If we could see real-time donations through the whole political cycle it would enlighten us, no end. Imagine if you could see an industry/union donating to a political party while they are publicly advocating policy in the media. Remember the Kevin Andrews donation from Clubs NSW? Whatever the decision-making process, it improves the view for voters into the political process. |
| NSW opposition leader Luke Foley has pledged real-time disclosures in place for NSW Labor next year. He will be on the panel tonight at NSW parliament house discussing the Cain report. | NSW opposition leader Luke Foley has pledged real-time disclosures in place for NSW Labor next year. He will be on the panel tonight at NSW parliament house discussing the Cain report. |
| It is worth noting Indi independent Cathy McGowan has been disclosing her donations in real time on her campaign website. It is the first I have seen but let me know if I have missed something. | It is worth noting Indi independent Cathy McGowan has been disclosing her donations in real time on her campaign website. It is the first I have seen but let me know if I have missed something. |
| Updated | Updated |
| at 3.21am BST | |
| 2.23am BST | 2.23am BST |
| 02:23 | 02:23 |
| Gabrielle Chan | |
| Bringing some mussel to the Labor campaign. | Bringing some mussel to the Labor campaign. |
| Updated | Updated |
| at 3.22am BST | |
| 2.15am BST | 2.15am BST |
| 02:15 | 02:15 |
| Gabrielle Chan | |
| Bill Shorten is doing a doorstop in Sydney. He goes to the superannuation changes as well. He pointed out that the tax office requires people to keep receipts for five years and the Coalition’s super changes require people to revisit contributions going back nine years. | Bill Shorten is doing a doorstop in Sydney. He goes to the superannuation changes as well. He pointed out that the tax office requires people to keep receipts for five years and the Coalition’s super changes require people to revisit contributions going back nine years. |
| Updated | |
| at 3.22am BST | |
| 2.12am BST | 2.12am BST |
| 02:12 | 02:12 |
| Gabrielle Chan | |
| Good morning all. I have had my head buried on superannuation and pension changes so excuse my slight discombobulation. | Good morning all. I have had my head buried on superannuation and pension changes so excuse my slight discombobulation. |
| Updated | |
| at 3.23am BST | |
| 1.46am BST | 1.46am BST |
| 01:46 | 01:46 |
| Now apologies but we need to execute a shift change here for an hour or so, Lenore Taylor and I need to begin the task of recording this week’s podcast. | Now apologies but we need to execute a shift change here for an hour or so, Lenore Taylor and I need to begin the task of recording this week’s podcast. |
| This week, we’ll be trying to have a serious conversation about the issues at hand, and we’ll also be decanting the contents of Liberal party pollster Mark Textor’s brain about polling – is it all rubbish? I’ll be back in a hour or so, until then I’m going to leave you in the elegant and capable hands of Ms Gabrielle Chan. | This week, we’ll be trying to have a serious conversation about the issues at hand, and we’ll also be decanting the contents of Liberal party pollster Mark Textor’s brain about polling – is it all rubbish? I’ll be back in a hour or so, until then I’m going to leave you in the elegant and capable hands of Ms Gabrielle Chan. |
| 1.40am BST | 1.40am BST |
| 01:40 | 01:40 |
| What a joke | What a joke |
| I’m sorry that was completely and utterly ludicrous. I started out this morning lamenting the inability of seriousness to stick. Perhaps that’s because people like Scott Morrison are just not taking politics seriously. | I’m sorry that was completely and utterly ludicrous. I started out this morning lamenting the inability of seriousness to stick. Perhaps that’s because people like Scott Morrison are just not taking politics seriously. |
| There is a big and important debate in this campaign about two models of growth, one that stimulates business and lets the benefits trickle down, and another than prioritises social capital and infrastructure. It’s an important conversation the country should have. Another perfectly legitimate line of attack about Labor in this contest involves fiscal management – is Labor sufficiently serious about budgetary management? Is it getting the balance right between investing and saving? It’s hard to get a fix on that before the opposition releases both its four year costings and ten year costings, because policy commitments are fragments of a whole – but it’s a legitimate question to ask. | There is a big and important debate in this campaign about two models of growth, one that stimulates business and lets the benefits trickle down, and another than prioritises social capital and infrastructure. It’s an important conversation the country should have. Another perfectly legitimate line of attack about Labor in this contest involves fiscal management – is Labor sufficiently serious about budgetary management? Is it getting the balance right between investing and saving? It’s hard to get a fix on that before the opposition releases both its four year costings and ten year costings, because policy commitments are fragments of a whole – but it’s a legitimate question to ask. |
| Honestly, is it that bloody hard to get serious? | Honestly, is it that bloody hard to get serious? |
| 1.29am BST | 1.29am BST |
| 01:29 | 01:29 |
| Scott Morrison doesn’t answer a question about whether he will negotiate in order to get his tax changes through the Senate. | Scott Morrison doesn’t answer a question about whether he will negotiate in order to get his tax changes through the Senate. |
| Q: Have you done any modelling on what you think will be the difference in growth rates under a Coalition government or a Labor government? | Q: Have you done any modelling on what you think will be the difference in growth rates under a Coalition government or a Labor government? |
| Scott Morrison says something about Labor’s taxes being bullets in the war on, well, everything. It’s escalating. | Scott Morrison says something about Labor’s taxes being bullets in the war on, well, everything. It’s escalating. |
| Labor’s approach is to take a sledgehammer and to do it out of the politics and ideology of envy as part of their war on growth, it’s a war on capital, it’s a war on mums and dads who just want to invest in a property to ensure their betterment over into their retirement or whatever their purpose is. | Labor’s approach is to take a sledgehammer and to do it out of the politics and ideology of envy as part of their war on growth, it’s a war on capital, it’s a war on mums and dads who just want to invest in a property to ensure their betterment over into their retirement or whatever their purpose is. |
| (Quick, get to the bomb shelter. Book it.) | (Quick, get to the bomb shelter. Book it.) |
| 1.24am BST | 1.24am BST |
| 01:24 | 01:24 |
| I didn’t time that but it must have been five minutes. First question is not tax toxins but superannuation. Will you change your super package? | I didn’t time that but it must have been five minutes. First question is not tax toxins but superannuation. Will you change your super package? |
| Scott Morrison says the changes will benefit three million people, they are changes the government had the “strength” to put to voters at an election. | Scott Morrison says the changes will benefit three million people, they are changes the government had the “strength” to put to voters at an election. |
| Scott Morrison: | Scott Morrison: |
| They’re positive changes and of course we stand by them 100%. | They’re positive changes and of course we stand by them 100%. |
| Q: Arthur Sinodinos has said, though, there will be consultation after the election. Will that not happen? Is he wrong? | Q: Arthur Sinodinos has said, though, there will be consultation after the election. Will that not happen? Is he wrong? |
| Scott Morrison: | Scott Morrison: |
| That’s about an implementation of legislation but the policies that we have announced in the budget are our policies and we are pressing ahead with those policies. | That’s about an implementation of legislation but the policies that we have announced in the budget are our policies and we are pressing ahead with those policies. |
| 1.20am BST | 1.20am BST |
| 01:20 | 01:20 |
| Scott Morrison’s opening gambit is slightly Castro-esque but I can summarise it for you: don’t vote Labor because they have toxic taxes on mum and dad investors and other innocents. | Scott Morrison’s opening gambit is slightly Castro-esque but I can summarise it for you: don’t vote Labor because they have toxic taxes on mum and dad investors and other innocents. |
| And then of course, there is Labor’s tax on electricity … | And then of course, there is Labor’s tax on electricity … |
| This will run to several volumes. But hang in there. | This will run to several volumes. But hang in there. |
| … they are growth blockers, they’re toxins for growth … what’s he going to tax next? | … they are growth blockers, they’re toxins for growth … what’s he going to tax next? |
| Updated | Updated |
| at 1.24am BST | at 1.24am BST |
| 1.14am BST | 1.14am BST |
| 01:14 | 01:14 |
| Why does Labor hate exports? | Why does Labor hate exports? |
| The treasurer, Scott Morrison, is addressing reporters in Sydney now, wondering why Labor hates exports. | The treasurer, Scott Morrison, is addressing reporters in Sydney now, wondering why Labor hates exports. |
| Scott Morrison: | Scott Morrison: |
| I note that the opposition has taken us to task yesterday and sought to downplay that [positive economic growth] outcome because apparently the national accounts includes net exports. Well that may be news to the opposition that net exports are actually a contributor to growth and an important part of our economy. I’m not surprised that they don’t wish to acknowledge the export performance because frankly they opposed things like the China free-trade agreement when we first sought to introduce it and they of course did nothing on these agreements when they were in government for six years and nor have I heard anything from the opposition in the course of this election campaign or before about what they would do to continue to grow exports. | I note that the opposition has taken us to task yesterday and sought to downplay that [positive economic growth] outcome because apparently the national accounts includes net exports. Well that may be news to the opposition that net exports are actually a contributor to growth and an important part of our economy. I’m not surprised that they don’t wish to acknowledge the export performance because frankly they opposed things like the China free-trade agreement when we first sought to introduce it and they of course did nothing on these agreements when they were in government for six years and nor have I heard anything from the opposition in the course of this election campaign or before about what they would do to continue to grow exports. |
| Today we have a new slide (oh goodie). Last week there was a black hole slide that contained a black hole in the alleged black hole. Today we are depicting toxins on growth. Apparently taxes can be toxic. I’ll let the treasurer take up the story. | Today we have a new slide (oh goodie). Last week there was a black hole slide that contained a black hole in the alleged black hole. Today we are depicting toxins on growth. Apparently taxes can be toxic. I’ll let the treasurer take up the story. |
| Scott Morrison: | Scott Morrison: |
| Bill Shorten has declared war on business and as a result he’s declared war on growth. This is a leader of the opposition who has no plan for jobs and growth and what he’s done with his agenda for $100bn of higher taxes over the next 10 years is to declare war on growth in our economy. Yesterday he didn’t want to acknowledge the growth and today and going forward he will continue to seek to attack growth with these toxic taxes that will be a toxin for our growth going forward. | Bill Shorten has declared war on business and as a result he’s declared war on growth. This is a leader of the opposition who has no plan for jobs and growth and what he’s done with his agenda for $100bn of higher taxes over the next 10 years is to declare war on growth in our economy. Yesterday he didn’t want to acknowledge the growth and today and going forward he will continue to seek to attack growth with these toxic taxes that will be a toxin for our growth going forward. |
| Updated | Updated |
| at 1.30am BST | at 1.30am BST |
| 12.57am BST | 12.57am BST |
| 00:57 | 00:57 |
| Perhaps we could combine the substantive and the ridiculous in this campaign with a single slogan: no creature left behind. | Perhaps we could combine the substantive and the ridiculous in this campaign with a single slogan: no creature left behind. |
| He's safe at home now with some nuts, zucchini, and banana to snack on. @ursulaheger | He's safe at home now with some nuts, zucchini, and banana to snack on. @ursulaheger |
| Perhaps the way to make the substantial stick is to somehow cross over the stunt and substance streams. That’s been Nick Xenophon’s modus operandi throughout his public life, and it seems to work for him. (God, rats, make it stop. I can deal with anything else politics dishes up in my direction: heroism, bathos, venality, banality, suffering, self interest, incomprehension, fury – just NOT RODENTS, OK.) | Perhaps the way to make the substantial stick is to somehow cross over the stunt and substance streams. That’s been Nick Xenophon’s modus operandi throughout his public life, and it seems to work for him. (God, rats, make it stop. I can deal with anything else politics dishes up in my direction: heroism, bathos, venality, banality, suffering, self interest, incomprehension, fury – just NOT RODENTS, OK.) |
| 12.48am BST | 12.48am BST |
| 00:48 | 00:48 |
| As I’ve been posting the questions the Acoss chief Cassandra Goldie has been on the ABC. | As I’ve been posting the questions the Acoss chief Cassandra Goldie has been on the ABC. |
| We’ve written to each of the leaders of the political parties, the Coalition, Labor and the Greens, where we are asking for the parties to lay out very clearly what are their specific policy, election commitments that will be about reducing the level of poverty and the level of inequality in Australia. | We’ve written to each of the leaders of the political parties, the Coalition, Labor and the Greens, where we are asking for the parties to lay out very clearly what are their specific policy, election commitments that will be about reducing the level of poverty and the level of inequality in Australia. |
| We think that this really needs to be the core debate that is happening in this election and at the moment, obviously, we’ve got a lot of policies being talked about but we’re saying let us get specific here. | We think that this really needs to be the core debate that is happening in this election and at the moment, obviously, we’ve got a lot of policies being talked about but we’re saying let us get specific here. |
| If we’re pursuing economic growth, for what purpose? Well it should, at its heart, be about ensuring that people on the lowest incomes, those who have the least, their living standards should be the top priority when we’re talking about the outcome of that kind of economic growth. | If we’re pursuing economic growth, for what purpose? Well it should, at its heart, be about ensuring that people on the lowest incomes, those who have the least, their living standards should be the top priority when we’re talking about the outcome of that kind of economic growth. |
| Lenore Taylor and I think fairness is important, and we also think economic policy is also important – which is why we are hosting two panel discussions about this during the campaign: one in Sydney and the other in Melbourne. We’d love to see you there. If you’d like to book, you can find the relevant details by clicking on this link. | Lenore Taylor and I think fairness is important, and we also think economic policy is also important – which is why we are hosting two panel discussions about this during the campaign: one in Sydney and the other in Melbourne. We’d love to see you there. If you’d like to book, you can find the relevant details by clicking on this link. |
| Updated | Updated |
| at 1.21am BST | at 1.21am BST |