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You can find the current article at its original source at https://www.theguardian.com/australia-news/live/2016/sep/15/pauline-hansons-speech-draws-cross-party-criticism-politics-live
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| Coalition revises superannuation package and dumps lifetime cap – politics live | Coalition revises superannuation package and dumps lifetime cap – politics live |
| (35 minutes later) | |
| 2.28am BST | |
| 02:28 | |
| Scott Morrison done good on superannuation. | |
| We are inundated with many suggestions for the trifecta of Australian dreams which I will bring you in a minute. But first a quick comment about superannuation. | |
| The need to rein in the Howard governments overly generous superannuation concessions has been long and loudly noted by economists for many years. Scott Morrison and Malcolm Turnbull’s willingness to grab this bull by the horns should be congratulated. Labor’s superannuation package, which was released by Chris Bowen a fair way prior to the Coalition’s package, should also be congratulated. Bowen essentially gave Morrison cover to work up superannuation reforms which could make a difference to the budget and get rid of a significant tax shelter. As Morrison said, people were stacking money into balances up to $100m paying no tax. Larf! | |
| Now you could say, Morrison should have run it past his own backbench prior to the budget to make for a neater policy package. It certainly would have saved a bit of angst and removed a stick for Abetz. But hey, the broader point remains. If the generous concessions for largely high income earners are wound back for the good of the budget and the savings figures are correct, Morrison and Turnbull done good. (All nuclear explosions kept to the comments thread please.) | |
| Bowen will be out at midday. Morrison says he has spoken to him. We await with interest but could there be two policy reform handshakes in one week? | |
| 2.07am BST | |
| 02:07 | |
| Lastly – I promise – George Christensen gives the prime minister five stars for performance. Malcolm the Movie has exceeded all expectations. He has managed to juggle the party room and come to compromises. | |
| He is doing a very good job. When we see decisions like this on superannuation, obviously as PM he has been able to steer that conversation to a landing point which both moderates and conservatives are happy with. | |
| Has the PM exceeded your expectations? | |
| I think he has. He has been willing to listen to both sides of the fence, not just Nationals and Liberals but conservatives and moderates or progressives within the Liberal-National Coalition and he is doing a very good job at that. I give him full marks. | |
| Updated | |
| at 2.18am BST | |
| 2.03am BST | |
| 02:03 | |
| George Christensen's vote on marriage will depend on his electoral vote | |
| Conservatives are continuing to issue fine print on the outcome of the plebiscite in preparation of a potential yes to marriage equality. | |
| Q: If a plebiscite does take place and Australia votes to change the Marriage Act, will you yourself support that in parliament? | |
| I will vote how my electorate votes. That is how I will vote. If my electorate votes for same-sex marriage I will cast my vote for it. If my electorate votes against it – and if every MP voted according to the will of the electorate – we would have the national mood reflected in this place. | |
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| at 2.05am BST | |
| 1.58am BST | |
| 01:58 | |
| Christensen: restrict immigration from countries with high levels of violent extremism | |
| George Christensen is also asked about Pauline Hanson’s views on banning Muslim immigration. He does not think Australia is being swamped by Muslims. | |
| For instance, Pauline Hanson might say ban all Muslims from immigrating into – or migrating to Australia. I would say that it probably reflects the concerns of people regarding national security, but do I agree with that? No, I think a more nuanced policy would be to restrict immigration from countries where there is a high level of violent extremism. That would be putting the precautionary principle into place when it comes to national security and using our immigration policy to do that. | |
| Updated | |
| at 2.04am BST | |
| 1.54am BST | 1.54am BST |
| 01:54 | 01:54 |
| Christensen says he told the One Nation senator Malcolm Roberts to keep speaking the truth on climate change. | |
| I told him keep speaking the truth to the climate mafia. Obviously he has views on the idea of catastrophic man-made climate change being bogus, just like I do. We were on the same page when it comes to that. | |
| Updated | |
| at 2.03am BST | |
| 1.52am BST | 1.52am BST |
| 01:52 | 01:52 |
| Christensen is asked about his views on same-sex marriage and polygamy. Will one lead to the other? | |
| I will treat the same-sex marriage issue on its own. There are people out there that are almost pushing for polygamy. | |
| Updated | |
| at 2.03am BST | |
| 1.50am BST | 1.50am BST |
| 01:50 | 01:50 |
| George Christensen: superannuation changes seal the deal | George Christensen: superannuation changes seal the deal |
| George Christensen, Liberal National party MP and agitator, is a happy man today. | George Christensen, Liberal National party MP and agitator, is a happy man today. |
| The doing away of the $500,000 non-concessional lifetime cap goes even further that than I would have thought. I would have been happy with a $1m non-concessional cap. Doing away with it is one step better, I suppose that does away also with all the retrospectivity concerns that people had. These were issues that were raised by many, many people in my electorate and also many people in the Liberal and National party membership and base … This really does seal the deal and as such, I can say I am 100% supportive of the new superannuation reforms that we will take to parliament and I will no longer be crossing the floor, if indeed what has been announced today is what is going to be legislated. | The doing away of the $500,000 non-concessional lifetime cap goes even further that than I would have thought. I would have been happy with a $1m non-concessional cap. Doing away with it is one step better, I suppose that does away also with all the retrospectivity concerns that people had. These were issues that were raised by many, many people in my electorate and also many people in the Liberal and National party membership and base … This really does seal the deal and as such, I can say I am 100% supportive of the new superannuation reforms that we will take to parliament and I will no longer be crossing the floor, if indeed what has been announced today is what is going to be legislated. |
| Updated | Updated |
| at 1.54am BST | at 1.54am BST |
| 1.44am BST | 1.44am BST |
| 01:44 | 01:44 |
| Thank you, Matthew. | Thank you, Matthew. |
| Ms Hansen presented an erudite & charitable maiden speech, commensurate with her role as a Party leader. #auspol pic.twitter.com/XElfHBtEB3 | Ms Hansen presented an erudite & charitable maiden speech, commensurate with her role as a Party leader. #auspol pic.twitter.com/XElfHBtEB3 |
| Updated | Updated |
| at 1.53am BST | at 1.53am BST |
| 1.37am BST | 1.37am BST |
| 01:37 | 01:37 |
| The trifecta of Australian dreams, by Scott Morrison | The trifecta of Australian dreams, by Scott Morrison |
| A question from Peter Martin of Fairfax draws out a soliloquy of sorts from the treasurer about the Australian dream. | A question from Peter Martin of Fairfax draws out a soliloquy of sorts from the treasurer about the Australian dream. |
| Q: People concerned about the stability of the budget will be applauding this if you get it through, it looks like you will. Can you understand, though, why most people would think that $100,000 a year out of after-tax income, is an extraordinarily high amount to enable someone to contribute to super out of their own pocket. Almost no one could do that. Is the limit a little high? | Q: People concerned about the stability of the budget will be applauding this if you get it through, it looks like you will. Can you understand, though, why most people would think that $100,000 a year out of after-tax income, is an extraordinarily high amount to enable someone to contribute to super out of their own pocket. Almost no one could do that. Is the limit a little high? |
| I’m no enemy of aspiration by Australians and what we’ve said is that we have established a transfer balance cap of $1.6m in this package which we announced on budget night. You know, as well as I do, that only about 1% of people get to that, even under the generous concessions that have particularly been in place since 2007 … | I’m no enemy of aspiration by Australians and what we’ve said is that we have established a transfer balance cap of $1.6m in this package which we announced on budget night. You know, as well as I do, that only about 1% of people get to that, even under the generous concessions that have particularly been in place since 2007 … |
| And when you could have $180,000 a year with three-year bring forwards and you could keep rolling it in three years after three years after three years we had balances in this country on superannuation in excess of $5m, $10m, $50m, $100m. That is the product of a previous set of arrangements. | And when you could have $180,000 a year with three-year bring forwards and you could keep rolling it in three years after three years after three years we had balances in this country on superannuation in excess of $5m, $10m, $50m, $100m. That is the product of a previous set of arrangements. |
| That will have a legacy to it, understandably. But at the same time what we’ve said here is you can make those after-tax contributions but once you hit $1.6m, that’s great. I think … there are many great achievements in life. Raising your children, paying off your home and providing for yourself in your retirement. They are a trifecta of Australian dreams that we believe in. | That will have a legacy to it, understandably. But at the same time what we’ve said here is you can make those after-tax contributions but once you hit $1.6m, that’s great. I think … there are many great achievements in life. Raising your children, paying off your home and providing for yourself in your retirement. They are a trifecta of Australian dreams that we believe in. |
| Updated | Updated |
| at 1.52am BST | at 1.52am BST |
| 1.27am BST | 1.27am BST |
| 01:27 | 01:27 |
| A question from the floor to Scott Morrison.. | A question from the floor to Scott Morrison.. |
| The PM described the changes outlined in the budget as ironclad. They have now been changed. Do you expect that ironclad promise was wrong? | The PM described the changes outlined in the budget as ironclad. They have now been changed. Do you expect that ironclad promise was wrong? |
| What I accept is when you’re in government you have to solve problems, you have to work issues and you have to get to conclusions and that’s what we’ve done today. | What I accept is when you’re in government you have to solve problems, you have to work issues and you have to get to conclusions and that’s what we’ve done today. |
| 1.23am BST | 1.23am BST |
| 01:23 | 01:23 |
| This is more detail from the treasurer’s statement. | This is more detail from the treasurer’s statement. |
| Individuals with a superannuation balance of more than $1.6m will no longer be eligible to make non-concessional (after tax) contributions from 1 July 2017. This limit will be tied and indexed to the transfer balance cap. | Individuals with a superannuation balance of more than $1.6m will no longer be eligible to make non-concessional (after tax) contributions from 1 July 2017. This limit will be tied and indexed to the transfer balance cap. |
| This ensures that we focus the entitlement for after tax contributions to those Australians who have an aspiration to maximise their superannuation balances and reach the transfer balance cap in the retirement phase, where a zero tax on earnings applies. | This ensures that we focus the entitlement for after tax contributions to those Australians who have an aspiration to maximise their superannuation balances and reach the transfer balance cap in the retirement phase, where a zero tax on earnings applies. |
| These measures mean that with their annual concessional contributions, Australians will be able to contribute $125,000 each year and, if taking advantage of the non-concessional ‘bring forward’, up to $325,000 in any one year until such time as they reach $1.6m. | These measures mean that with their annual concessional contributions, Australians will be able to contribute $125,000 each year and, if taking advantage of the non-concessional ‘bring forward’, up to $325,000 in any one year until such time as they reach $1.6m. |
| Updated | Updated |
| at 1.31am BST | at 1.31am BST |
| 1.17am BST | 1.17am BST |
| 01:17 | 01:17 |
| The treasurer makes the point that Labor should support the package (given it has removed the backdating provision which they opposed). He has called Chris Bowen and offered a briefing. It’s the new caring, sharing Scott Morrison. | The treasurer makes the point that Labor should support the package (given it has removed the backdating provision which they opposed). He has called Chris Bowen and offered a briefing. It’s the new caring, sharing Scott Morrison. |
| I commend Mr Bowen this week, I commend Chris on the work he did on the omnibus bill this week. I think it is clear that there are people in Labor, as Chris has demonstrated, we can work with, to come to arrangements like this. It’s really up to whether Mr Shorten is. That’s really what it’s about. He’s demonstrating a greater commitment to opposition than he is to progress but there are members in his own team who I think are trying to go a better way. | I commend Mr Bowen this week, I commend Chris on the work he did on the omnibus bill this week. I think it is clear that there are people in Labor, as Chris has demonstrated, we can work with, to come to arrangements like this. It’s really up to whether Mr Shorten is. That’s really what it’s about. He’s demonstrating a greater commitment to opposition than he is to progress but there are members in his own team who I think are trying to go a better way. |
| Naughty ScoMo. Push Bowen. Whack Shorten. | Naughty ScoMo. Push Bowen. Whack Shorten. |
| Updated | Updated |
| at 1.31am BST | at 1.31am BST |
| 1.12am BST | 1.12am BST |
| 01:12 | 01:12 |
| The measures were supported “acclamation” in the party room, says the treasurer. | The measures were supported “acclamation” in the party room, says the treasurer. |
| Over the past few months, we have been engaging with our colleagues, our Coalition colleagues, on all of these measures. And we have been listening to them as they have been listening to their communities and to their constituents. | Over the past few months, we have been engaging with our colleagues, our Coalition colleagues, on all of these measures. And we have been listening to them as they have been listening to their communities and to their constituents. |
| Updated | Updated |
| at 1.31am BST | at 1.31am BST |
| 1.10am BST | 1.10am BST |
| 01:10 | 01:10 |
| Superannuation reform package 2.0: lifetime cap is gone | Superannuation reform package 2.0: lifetime cap is gone |
| The new measures, by Scott Morrison, are: | The new measures, by Scott Morrison, are: |
| Updated | Updated |
| at 1.32am BST | at 1.32am BST |
| 1.04am BST | 1.04am BST |
| 01:04 | 01:04 |
| Morrison starts with the purpose of superannuation and a note to Peter Costello, who oversaw the current superannuation system. | Morrison starts with the purpose of superannuation and a note to Peter Costello, who oversaw the current superannuation system. |
| The purpose of these tax concessions is as outlined by David Murray and that is to provide income in retirement to substitute or supplement the aged pension. That’s what they’re supposed to do. | The purpose of these tax concessions is as outlined by David Murray and that is to provide income in retirement to substitute or supplement the aged pension. That’s what they’re supposed to do. |