Daniel Mulino
Fraser · Australian Labor Party · Australia
“Second, the amendments introduce a mechanism for merger parties to seek extensions from the ACCC for the period in which they can put an approved acquisition into effect. The extensions can be up to six months each. Multiple extensions may be granted.”
“The reforms complement a broader suite of government reforms to strengthen integrity and accountability across the tax system and professional services sector.”
“The bill also establishes criminal and civil penalties and provides information gathering and enforcement powers to regulators to support compliance. Together, these powers create a coherent framework to support the continued availability and long-term viability of cash as a means of payment in Australia.”
“These amendments also reflect the government's commitment to listening and responding to stakeholder experiences to ensure the merger regime continues to promote competition and economic activity in the interests of Australians.”
“The second enables the ACCC to oversee designated entities, including fair and efficient pricing of cash distribution services, which is essential to maintaining access to cash. ACCC oversight will support fair, transparent and reasonable pricing outcomes, while helping maintain the long-term economic viability of the sector.”
“It also enables up to $400 million in funding support to ensure the continuity of critical cash distribution services. Funding support is intended as a last resort, limited to situations where an entity's resources and recovery tools are insufficient to address losses or threats to cash availability.”
The complete record
Every one of 412 lines we hold for Daniel Mulino, in date order, each linked to its source. Free to read, in full, without an account. Page 7 of 9.
“Where we've gone to successive budgets reducing taxes for all Australians, they've gone to the last election with a policy of explicitly rolling back tax cuts—of coming into this place after the election and increasing taxes on all taxpayers—and they want to come into this place with this MPI. It is truly ridiculous. Those opposite, with their rhetoric, are attacking us for being too left-wing. It's remarkable when you look at the actual performance over the last decade when it comes to economic management. Those opposite claimed there were surpluses just over the horizon—like over-the-horizon radar. They were almost here. 'Don't worry; they're almost here.' In fact, some of them were so close there were mugs printed. It wasn't just over the horizon; it was within grasp. There were dots on the radar. They never arrived.”
“What we're seeing right now is that people's real wages, right across the board, are increasing. This is governing for all Australians, providing them with the most foundational of supports for their standard of living. What's the other side of that? It's not just what you earn; it's what you take home, and this is perhaps where the contrast is just as great, if not greater. We went to the last election with a policy of tax cuts for all Australians, and it wasn't just one set of tax cuts. We've now gone to the Australian people with three sets of tax cuts which would benefit all taxpayers. In contrast, those opposite went to the last election with a policy of increasing taxes on all taxpayers. They come into this place with a motion asking who it is that's governing for all Australians.”
“Let's look at what really matters to people in their lives, and let's look at which side of this chamber is governing for all Australians. Let's look at people's wages. Let's look at what really underpins people's quality of life. In the last term and this term—and, indeed, in the lead-up to coming to government—we backed in the widest possible set of strong institutional arrangements, whether it be supporting unions in their negotiating or supporting minimum wage cases. Right across the board, we've supported people having higher take-home pay. Every time we've done so, those opposite have pushed back. When we pushed for higher minimum wages, those opposite said that the sky would fall in. Those opposite said that it would lead to job losses. The exact opposite happened. What happened was that people's wages went up.”
“I must say that speech was very high on political rhetoric, personal attacks and dad jokes. I want to put on the record that I will not criticise dad jokes, because, if I do so, my daughter, when she reads this Hansard down the track—which probably won't happen—will roll her eyes at me and my hypocrisy. I'm all for dad jokes. I'm all for a bit of political rhetoric, but, at some point in a 10-minute contribution, you've got to back it up with a little bit of substance. I must say this is a very strange topic for those opposite to bring. Saying that they want to bring a topic about governing for all Australians to this place, after their suite of policies at the last election, is quite a remarkable case of self-delusion.”
“These changes deliver on the government's commitment under the strategic plan for Australia's payments system to update the payments regulatory framework to help underpin its vision for a modern, world-class and efficient payments system that is safe, trusted and accessible and enables greater competition, innovation and productivity across the economy. I commend the bill to the House.”
“Firstly, I'd like to thank all those members who have contributed to this debate. The government won't be supporting the amendment moved by the member for Cowper. The updates introduced by this bill are a key part of the government's plans to ensure the regulatory architecture underpinning Australia's payments system is up to date and fit for purpose. The broadened definitions of 'payment system' and 'participant' will ensure that, despite the increasing size and complexity of Australia's payments system, the vast array of new service platforms can be regulated effectively by the Reserve Bank of Australia. Further, the ministerial designation powers will give the Treasurer capacity to ensure that payment services or platforms that present risks of national significance can be subject to additional oversight, if necessary.”
“The documentary will feature interviews with people who arrived 50 years ago and will help senior members of the Vietnamese community to feel valued and connected. It will also create a valuable resource for younger generations to learn about their incredible stories and the journey that they went on. Another recipient is the Western Eagles soccer club, which is receiving a grant to help fund the construction of women's change room facilities. Upgrading these change rooms will create a more inclusive and welcoming environment for all players, improve local participation and support the growth of women's football at the Western Eagles Football Club. Congratulations to all of the 20 organisations that received funding, and thank you for all that you do to build stronger communities.”
“I'd also like to acknowledge the Stronger Communities Program grant recipients in my electorate. I was pleased that, under this year's program, 20 organisations in Fraser received a grant for an infrastructure project that delivers social benefits for our local community. Every organisation that applied is driven by service to and making differences in the community. At the heart of strong communities are volunteers. The grant recipients this year highlight the rich diversity of community organisations that define my electorate of Fraser and modern Australia. Australian Vietnamese Arts & Culture received a grant. They will use the funding to purchase equipment to produce a documentary for the 50th anniversary of Vietnamese settlement in Australia.”
“It's taking pressure off our local emergency department at Sunshine and other hospitals by reducing the number of people attending hospital emergency departments for urgent but not life-threatening conditions such as sprains, infections, rashes and cuts. Long wait times at hospitals are not only an inconvenience but an ineffective use of hospital resources, which urgent care clinics seek to address. Our government has committed to strengthening Medicare. These urgent care clinics are proof of that, with over 1.7 million visits since the first sites opened two years ago. More than 50 per cent of presentations to urgent care clinics in Victoria have been outside of business hours, which means that these clinics are filling an important gap in services. I'm sure this will help vulnerable people across my electorate.”
“It was terrific to be joined in Sunshine recently by the Prime Minister and the Minister for Health and Ageing for the opening of Australia's 90th Medicare urgent care clinic. The Albanese government has delivered the Medicare urgent care clinic in Sunshine to provide better access to high-quality, free, bulk-billed healthcare services. There's no more important part of our society's safety net than health care. During the election, constituents repeatedly raised with me just how important bulk-billing is. This is one of the key underpinnings of our Medicare system. To have an additional urgent care clinic in Fraser, following the establishment of one in Maribyrnong last year, is a critical service for my community.”
“I thank the honourable member for the question. What I can rule in is the government's tax policies. What I can rule in is tax cuts for all Australian taxpayers. What I can not just rule in but say has been passed is the HECS reduction. I can rule in the fact that we've frozen beer excises and I can rule in the fact that I'll continue working for lower taxes for Australians every day.”
“I thank the honourable member for the question. It reminds me of that old saying that the definition of insanity is doing the same thing over and over again and expecting a different outcome. I've just received four questions asking me to rule things out. I'll say very briefly: our tax policies are very clear. We took them to the election. They're the policies that I'm implementing. We've already delivered a HECS cut. We've already delivered a freeze on the beer excise. As Assistant Treasurer, I keep working on those policies every day.”
“I'm asked about the government's tax policies. What I can say is that the government went to the last election with a very clear set of tax policies. Those tax policies included reducing taxes on every single taxpayer. What I might say is that that reflects successive years in which we have reduced taxes on every single taxpayer. I might say, just by way of contrast—I know this question wasn't about the opposition, but I think it's worth adding in one sentence—there is a direct contrast to those opposite, who went to the last election with an explicit policy of coming into this place after the election and raising taxes on every single taxpayer.”
“That remains our priority, and that is something which those opposite should have a think about when it comes to their own policies, which were rejected roundly at the last election. It'd be interesting to hear what their policy is.”
“I thank the honourable member for her question. What I would say is that, when it comes to the tax system, the shadow Treasurer made some interesting comments in the lead-up to the roundtable. He said: 'Well, let's be fair dinkum here. We shouldn't be taking anything off the table.' So, when it comes to their spokesperson on tax, he said that we shouldn't take anything off the table, and he said, 'There's no doubt that the entire tax system needs to be reviewed.' We are here for a serious discussion about the future of this country when it comes to productivity, when it comes to resilience and when it comes to budget sustainability. What I can stress again is that we took a range of tax policies to the last election. Implementing those tax policies is our priority.”
“We have clear tax policies that we took to the last election, which included that one and which included a 20 per cent reduction in HECS, which was our very first bill that we brought to this parliament and which was the first bill that we passed through this parliament in both this chamber and the Senate. That was a critical part of our tax strategy. We will also be bringing forward another important tax policy when it comes to payday super.”
“What I'll say to those opposite is that this government held an important forum for people from right around the country to put their ideas to the government so that we can look at productivity, resilience and sustainability going forward. What we can also say is that this government is focused on delivering our election commitments. Our election commitments include sustaining tax cuts for every single Australian taxpayer, and what I can say is that those opposite went to the last election saying they would vote down those tax cuts. When it comes to tax, there is a direct contrast between those opposite and what we're putting forward. We have not changed any of our positions on tax.”
“So, across both those areas—general insurance on property as well as health—the government has a range of short-term and long-term measures for the benefit of consumers.”
“Those projects, as they roll out, will significantly reduce risk in high-risk areas, and those projects will see premiums come down in those communities that benefit. Those are practical things occurring, both in terms of consumer protections and dealing with the underlying risk. The member also raises health insurance. While that's not directly in my portfolio, I can say that the Minister for Health and Ageing is working closely with the sector on this issue. He has established a CEO forum by which CEOs across health insurers and hospitals are working collaboratively on very complex issues. The government presented a package of reforms to the private health CEO forum to make maternity, mental health and Hospital in the Home services more available and affordable.”
“In addition, work is underway to standardise certain terms, which the industry is undertaking and which I am engaging with industry and consumer groups in relation to. Again, that will make insurance policies easier for consumers to digest. There are a range of other processes underway to make sure that the actual clauses in the insurance code of conduct provide appropriate protections around cash settlements, temporary accommodation and other issues. Can I also say that the work of my colleague the minister for emergency services continues. The Disaster Ready Fund and the Hazards Insurance Partnership are key measures through which government is spending far more on mitigation than it used to and is informing those projects through the Hazards Insurance Partnership.”
“Can I say that coming out of that inquiry were 86 recommendations, most of which were unanimous across members of the government, members of the opposition and the crossbench. There are already a range of things that are occurring as a result of those recommendations. For example, the general insurance code of conduct is now going to be approved by ASIC, a measure which the industry has accepted and which I say is at least in part a result of that inquiry. In addition, the general insurance code of conduct will be enforceable, going forward, once it is redesigned by the industry in consultation with other stakeholders. They are measures which will make a real difference to consumers.”
“I thank the member for his question, and I commend his long-term advocacy for the people of Clark and for his thoughtful contribution on a wide range of policy issues during my time in this chamber. I do acknowledge that a number of households across our community are feeling cost-of-living pressures in insurance, whether it be property insurance or health insurance. I'll deal with property insurance first. Can I say that his is a longstanding and complex issue. I do want to acknowledge the member for Calare, and my predecessor, Stephen Jones, for having initiated and promoted an inquiry into flood insurance which I chaired in the previous term. That was an inquiry which dealt with a range of issues which were much more broader than flood insurance, though, and which went to systemic issues of risk across a number of communities.”
“by leave—I move: That, in accordance with the provisions of the Intelligence Services Act 2001 , Ms Claydon, Ms Lawrence, Mr Laxale and Dr Reid be appointed members of the Parliamentary Joint Committee on Intelligence and Security. Question agreed to.”
“The bill gives the RBA greater powers to regulate a broader range of players in the payment system, as well as extending these powers to other relevant regulators where there is a material risk to the national interest. These changes will modernise our payments regulation framework to ensure it is fit for purpose now and into the future. Full details of the measure are contained in the explanatory memorandum. I commend this bill to the House. Debate adjourned.”
“I move: That this bill be now read a second time. The Treasury Laws Amendment (Payments System Modernisation) Bill 2025 updates the payments system regulatory framework to address the risks posed by new and emerging technologies. The amendments expand the definitions of 'payment system' and 'participant' to ensure the Reserve Bank of Australia (RBA) has the ability to regulate all participants and payment systems, including digital wallet providers and 'buy now, pay later' service providers. Further, it also introduces a new ministerial designation power that will allow the Treasurer to designate payment services or platforms that present risks of national significance, allowing them to be subject to additional oversight by appropriate regulators.”
“The most significant item in this bill is the provision of over $155 million to the Department of Parliamentary Services to support the work of the Australian parliament through services to parliamentarians and as custodians of Parliament House. No changes are proposed to the maximum amount of $1.9 million for the advance to the responsible presiding officer provision, which has been included in full in the Parliamentary Departments Supply Act (No. 1). Details of the proposed expenditure are set out in the schedule to the bill, the explanatory memorandum and the 2025-26 Portfolio Budget Statements tabled in March. I commend this bill to the chamber. Debate adjourned.”
“I move: That this bill be now read a second time. Appropriation (Parliamentary Departments) Bill (No. 1) provides appropriations for the last seven months of 2025-26 for the operations of: The bill also reflects parliamentary departments' contribution to the $800 million saving for the first year of the government's 'Further reducing spending on consultants, contractors, labour hire and non-wage expenses' election commitment. This bill seeks approval for appropriations from the Consolidated Revenue Fund of $195.1 million. Together with the Parliamentary Departments Supply Act (No. 1), this would provide the total funding of $334.7 million to support the expenditure of parliamentary departments in 2025-26.”
“This includes funding for the Australian Rail Track Corporation for the Inland Rail program, completion of fibre upgrades for the NBN, Western Sydney airport, National Intermodal Corporation for the development of intermodal projects, and funding for the Roads to Recovery and the Local Roads and Community Infrastructure Program. The Department of Finance will receive over $1.6 billion, including funding for Australian Naval Infrastructure Pty Ltd and Snowy Hydro Limited. No changes are proposed to the maximum amount of $600 million for the advance to the finance minister (AFM) provision in Appropriation Bill (No. 2). Details of the proposed expenditure are set out in the schedules to the bill, the explanatory memorandum, and the 2025-26 portfolio budget statements tabled in March. I commend this bill to the chamber. Debate adjourned.”
“Together with the Supply Act (No. 2), this would provide the total funding of $25.5 billion for services that are not the ordinary annual services of the government in 2025-26. Funding provided through this bill will support the following significant items. The Department of Defence will receive close to $7.2 billion to support the implementation of the 2024 National defence str ategy and the 2024 Integrated Investment Program, including through investments in military capability and enabling ICT capabilities and infrastructure. The Department of Infrastructure, Transport, Regional Development, Communications, Sport and the Arts will receive close to $2.4 billion, including funding for government business enterprises to continue to deliver projects and other programs.”
“I move: That this bill be now read a second time. Appropriation Bill (No. 2) 2025-2026 sits along with Appropriation Bill (No. 1) 2025-2026 and Appropriation (Parliamentary Departments) Bill (No. 1) 2025-2026 to form the principal bills underpinning the government's 2025-26 budget. As was the case for Appropriation Bill (No. 1), minor changes have been made to this bill to reflect government decisions and estimate variations from the 2025 Pre-election Economic and Fiscal Outlook and to fund the 'Supporting the construction of the first-ever Hindu school in Australia'. The bill also reflects machinery-of-government changes as a result of the Administrative Arrangements Order changes on 13 May and 1 July 2025. Appropriation Bill (No. 2) seeks approval for appropriations from the Consolidated Revenue Fund of $14.6 billion.”
“No changes are proposed to the maximum amount of $400 million for the advance to the Finance Minister (AFM) provision in Appropriation Bill (No. 1), which enables the government to provide additional appropriations for urgent and unforeseen expenditure during 2025-26. Details of the proposed expenditure are set out in the schedule to the bill, the explanatory memorandum and the 2025-26 portfolio budget statements tabled in March. This bill, along with Appropriation Bill (No. 2) and Appropriation (Parliamentary Departments) Bill (No. 1), must be passed before the end of November to ensure continuity of the government's programs and the operation of Commonwealth entities. I commend this bill to the chamber. Debate adjourned.”
“The Department of Foreign Affairs and Trade will receive over $4.2 billion to advance Australia's international strategic and security interests, provide development assistance overseas and provide consular assistance to Australians abroad. The Department of Home Affairs will receive over $3.2 billion to implement various programs to ensure Australia's security, prosperity and unity by safeguarding national security interests, improving cybersecurity and security of critical infrastructure assets, supporting law enforcement policy and operations, and maintaining Australia's cohesive multicultural society. The funding will also enable the department to maintain the integrity of the migration system, sustain visa processing capability, provide settlement services to refugees and migrants, and protect the Australian border.”
“The Department of Health, Disability and Ageing will receive over $20.3 billion to implement various programs to improve the wellbeing and social and economic participation of people with disability and ensure the current and future health needs of all Australians are met. There is funding of over $9 billion for the National Disability Insurance Agency to provide reasonable and necessary supports for National Disability Insurance Scheme participants. Funding also includes over $3 billion for aged-care services to provide support for older Australians with everyday living and other needs; approximately $1.2 billion for the health workforce; over $900 million for mental health and suicide prevention; over $800 million for primary health care quality and coordination; and almost $800 million for First Nations peoples' health.”
“The net effect of these changes is a $216.2 million overall reduction in the reintroduced bills from the lapsed bills. Appropriation Bill (No. 1) seeks approval for appropriations from the Consolidated Revenue Fund of approximately $83.4 billion. Together with the Supply Act (No. 1), which commenced on 1 July 2025, this would provide the total funding of $169.5 billion for the ordinary annual services of the government in 2025-26. Funding provided through this bill will support the following significant items. The Department of Defence will receive close to $25.3 billion to implement the 2024 National Defence Strategy and 2024 Integrated Investment Program, including funding for the nuclear powered submarines and support for military operations and other Australian Defence Force activities.”
“The reintroduced bills contain minor changes which reflect government decisions and estimate variations from the 2025 pre-election economic and fiscal outlook; two election commitments, including the $800 million saving for the first year of the government's further reducing spending on consultants, contractors and labour hire, and non-wage expenses election commitment; two terminating measures that were extended beyond 2024-25; machinery-of-government changes as a result of the Administrative Arrangements Order changes on 13 May and 1 July 2025; and direct appropriations to two new entities that will commence later in 2025—the Defence and Veterans' Services Commission and the Australian Naval Nuclear Power Safety Regulator.”
“I move: That this bill be now read a second time. Appropriation Bill (No. 1) 2025-2026 sits together with Appropriation Bill (No. 2) 2025-2026 and Appropriation (Parliamentary Departments) Bill (No. 1) 2025-2026 to form the principal bills underpinning the government's 2025-26 budget. These appropriation bills are substantially the same as the bills with the same names that were introduced into the 47th Parliament and lapsed on the dissolution of the House of Representatives before this year's federal election. The bills must now be reintroduced to provide the remaining seven-twelfths of annual appropriations for 2025-26 (that were not covered by the supply acts passed before the election) as well as the funding for the 2025-26 budget measures.”
“This bill enables young Australians who are building the nation's future to have a better chance to have a home loan, while also providing real cost-of-living help with more money in their pockets.”
“This will take awhile to process, but once it's done people will get that text message and know that their debt is down by 20 per cent. Once the legislation is passed, the 20 per cent HECS cut for all of those who have a HECS debt will be locked in. This is one of the key measures that was discussed at the last election. As I said at the beginning of my contribution, this was a policy that featured very prominently in my interactions with people throughout my electorate. It was something that young people felt was very important. It is a measure which increases the affordability of their income-contingent loans but also, when complemented by the measures that the Treasurer ensured would be in place through ASIC and APRA guidance to banks, a measure which helps people with housing affordability.”
“Well, that's not the judgement that Australians made and certainly not the judgement that young Australians made. Could I also cite an expert—indeed, many would say the father or the architect of HECS—Bruce Chapman, who supported this important legislation. He said changing the income repayment threshold is the most important thing that has happened to the system in 35 years. So this is a very important reform—a key reform for young people, for graduates, for people in tertiary education—and, as I said, complemented, importantly, by a number of housing measures. This change will be implemented by the Australian Taxation Office. Those with HECS debt need not do anything. They will receive a text message when the ATO has completed the work at their end.”
“We established free TAFE, a policy that has already seen more than 650,000 students training in important careers like construction, aged care and cybersecurity. And in visits to TAFEs across my electorate I've seen incredible outcomes for students. They're given opportunities for lifetime careers through those measures. We've changed the way HECS is calculated, meaning that it is based on the wage price index or the CPI, whichever is lower. Those indexation changes are an extremely important affordability measure. And we invested $90.6 million to boost the number of skilled workers in the construction and housing sectors. We took this policy to the election, but I must note that a number of members opposite called it 'profoundly unfair' and said that Australians would see little benefit from this policy.”
“ASIC has also updated its regulatory guidance to acknowledge the income-contingent nature of HELP repayments. As I said, these measures will complement the debt reduction and will help thousands of students and graduates across the country who have invested in their education and who now want to invest in their homes. I want to compliment the Treasurer on his work on this and say that this is a very important additional set of measures. I also note that this bill is part of the broader strategy of the Albanese government to make education more accessible and fair for young people. This builds on the significant work we did in our first term. We established a Commonwealth prac payment to support eligible nursing, midwifery and social work students while completing their practical training.”
“On that issue, I'd like to reinforce the point that complementing this policy in terms of the debt reduction itself is the fact that we as a government have pledged to make it easier for people who have student debt to enter the housing market, by asking regulators to review lending rules. That work is now complete. This will complement the debt reduction in a very important way. APRA and ASIC have finalised guidance that the Treasurer requested in February. Specifically, that includes guidance from APRA which means there have been amendments to guidance to banks so as to remove HELP debt from debt-to-income reporting and also to clarify that it may be reasonable for banks to omit HELP debt from serviceability assessments where a borrower is expected to pay off their HELP debt within 12 months.”
“It ensures that people have more money in their take-home pay by smoothing out the time and the pace at which they have to repay debt. This will have an impact across the broader community as well as in my own electorate. Three million Australians will see their debt reduced by 20 per cent. The average student debt is $27,600, and this legislation will cut that debt by around $5,250. But of course that's the average. There are a significant number of people who have more debt than that, and they will benefit by an even larger amount. In my own electorate of Fraser, an enormous number, 28,000 people, will benefit from this policy. This assistance will reduce debt, thereby helping with cost of living and enabling more home loan applications.”
“It's with great pleasure that I rise today to speak in support of this measure to reduce student debt by 20 per cent. This issue featured prominently in the election in my electorate. I was approached by many people in support of this policy, particularly young people, of course. We promised that this would be the first bill that would be introduced to parliament this term after the re-election of the Albanese government, and that's exactly what has happened. The Universities Accord (Cutting Student Debt by 20 Per Cent) Bill 2025 will make education more accessible and income contingent loan programs fairer and more affordable. This bill reduces by 20 percent student loan debt that was incurred on or before 1 June 2025. It increases the minimum repayment threshold from $54,435 in 2024-25 to $67,000 in 2025-26.”
“That's how the Australian government is helping young Australians pay off their debt, enter the housing market and build their future.”
“We also pledged to make it easier for people with student debt to enter the housing market by asking regulators to review lending rules. That work is done. APRA and ASIC have finalised the guidance the Treasurer requested in February. APRA has now made amendments to guidance to banks to remove HELP debt from debt-to-income reporting and also to clarify that it may be reasonable for banks to omit HELP debt from serviceability assessments where a borrower is expected to pay off their HELP debt within 12 months. ASIC has updated its regulatory guidance to acknowledge the income-contingent nature of HELP payments. This will help thousands of students and graduates across the country who have invested in their education and now want to invest in a home. We're tackling the housing challenge on all fronts.”
“The Prime Minister said that a re-elected Albanese Labor government would wipe 20 per cent of all student debts. He said this would be the first bill we would introduce in the new parliament. And guess what? That's exactly what we've done. Last week Minister Clare introduced the Universities Accord (Cutting Student Debt by 20 Per Cent) Bill 2025 to the House. Once the law passes, the ATO will start implementing the measure to wipe debts on the basis of what they were on 1 June 2025, before indexation. Beneficiaries don't need to do a thing. The ATO will text you when your debt has been reduced. In addition to last year's changes to indexation, the Albanese government is removing around $20 billion in student debt. But we're not stopping there.”
“I thank the member for Deakin for his question. As a former schoolteacher I know that the member for Deakin understands firsthand the transformative power of education. His experience is an asset to this parliament—and I'm sure his time as a teacher also prepares him well for the raucous nature of the House! The member was elected by the people of Deakin to deliver real cost-of-living relief for his electorate and to deliver a 20 per cent cut to HECS debts for the more than 23,000 students in his community who will benefit from the bill that passed the House just over an hour ago. Those 23,000 students in the member's electorate of Deakin join more than 28,000 in my own electorate of Fraser and three million Australians around the country who are set to benefit from the wiping of $16 billion of student debt by our government.”
“And if we look at a particular policy that was put forward by those opposite—a change to the division 293 part of our tax system—those opposite, when they were in government, lowered the threshold at which concessional treatment was made less concessional, from $300,000 to $250,000. That was a policy put forward by them. They did not index the $250,000 threshold.”
“Thank you for the question. Can I state that this is a policy, as I stated yesterday on a number of occasions, that is well designed, that applies to around half a per cent of members' funds and that applies to funds that are $3 million or larger—significantly larger than is required for somebody to have dignity in retirement. Can I also reiterate that this policy will see concessional treatment for the entirety of those funds. The member asks a question about the number of people who will be affected by this policy. What I can say is that, if we look at our tax system, thresholds across our tax system are not indexed.”