Sally Sitou
Reid · Australian Labor Party · Australia
“I withdraw an unparliamentary remark that I made yesterday during the MPI. In withdrawing that remark, I would also like to apologise to you and to members of this House. I used a word that was not up to the high standard that we would expect of this place and the high standard that I expect of myself. I apologise.”
“If you vote against tax cuts for all Australian taxpayers, if you vote against helping first home buyers to buy their first home, if you vote against super on government funded paid parental leave, if you vote against payday super, if you vote against same job, same pay, then you are voting against all Australians.”
“Today, 1 July, is an important day. Mark it in your diaries. I do want to thank the shadow treasurer for bringing this matter of public importance to us, because it gives us on this side of the House an opportunity to talk about all the changes that are coming in today, because today all Australians get more help.”
“While Labor is strengthening Medicare, increasing bulk-billing rates and making Medicare urgent care clinics a permanent part of our healthcare system, the Liberal Party froze the Medicare rebate and they wanted to introduce a GP tax. Again, no rebranding is going to change that.”
“Today, Australians can access three hours of free energy through our solar sharer program. Today, the Albanese government says to all Australians that we are working hard to help you. More than 14 million taxpayers get another tax cut. But what did the coalition do when the tax package came before the parliament? What did they do?”
“It is good economic policy because it keeps parents connected to work, it supports women's participation and it gives parents more time with their children. Today is a great day because we are saying to parents, 'We want you to spend more time at home with your children.' We are expanding the government's paid parental leave to 26 weeks.”
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“The claims that they are making today—in all the emails and texts that they are reading out—that these changes somehow hurt every small-business owner, every farmer and every saver are simply not true. When, in this place, we talk about small businesses, we should do it with respect but, importantly, with facts. Small businesses employ millions of Australians and contribute enormously to our economy. In my electorate of Reid alone, there are around 26,000 small businesses. They are the cafes along Majors Bay Road, family shops in Five Dock, restaurants in Burwood, small firms in Rhodes and tradies who keep our suburbs running, and they deserve facts. They are not just businesses; they are local families, local jobs and a myriad of stories of hard work and opportunity. So let's give them facts.”
“I appreciate the contributions from those opposite. Of course, small-business owners are fearful because those opposite have been whipping up a scare campaign that is almighty. Those opposite are scaring small-business owners, and that's why they've been flooded with these emails and texts. Those opposite are a veritable haunted house that you roll out at Halloween. There's a scare campaign at every corner. We've got the ghoulish ghost of the so-called death tax, the zombie return of the tax on aspiration and the same tired lines they drag out every single time there's a whiff of reform. They creak open the door, whisper a new fear and dress it up to look real, but, when Australians turn on the lights, there's nothing there. There's no death tax. There's no grand conspiracy. What there is is support for small businesses.”
“The Respect@Work report recommended that we increase funding to these centres, and, then in 2023, that's exactly what this Labor government did.”
“For too long, too many women have been pressured to stay quiet through non-disclosure agreements or threats of defamation action. The campaign is calling for stronger regulation of non-disclosure agreements, better protections against legal threats and safeguards to ensure the law is not misused against women. The centre is also leading the Super Woman campaign, focused on women's long-term economic security, and it shines a light on how lower pay, insecure work, unpaid caring responsibilities and workplace discrimination compound over a lifetime, leaving too many women with less superannuation in retirement. The Working Women's Centre New South Wales is another example of the Albanese Labor government delivering for Australian women. In 2020.”
“They had been battling unfair work practices on their own and had gotten nowhere. They are single mothers, young women, Indigenous women and women from culturally diverse backgrounds trying to navigate a difficult legal process and taking action against their employers—a huge mountain to climb. They had turned to the Working Women's Centre New South Wales for legal advice, but they got so much more than that. They also found people who believed in them and backed and supported them, and it made a difference. They make a real difference to the lives of their clients, and, through their advocacy and campaigns, they are making a difference to all working women. Their latest campaign is called I'm Speaking. It's about a simple principle: women who experience workplace sexual harassment or gender based violence should not be silenced.”
“I recently visited the Working Women's Centre New South Wales, located in my electorate, with the Minister for Employment and Workplace Relations, Amanda Rishworth. The centre is a free specialist service supporting women with workplace issues, including sexual harassment and discrimination, wage theft, bullying and workplace exploitation. The centre provides legal advice and representation alongside education, training and law reform work aimed at improving conditions for women at work. We got to hear from the assistant principal solicitors at the centre, Sharmilla Bargon and Kellie McDonald. As I listened to them talk about their work, I was so inspired by their commitment to improving the lives of women. Many of their clients had nowhere to turn and no-one on their side.”
“The classic was founded by Louise Davidson AM and the late Mavis Robertson AM, with the support of Women in Super, as a small event in Sydney and Melbourne in 1998. Today it's grown to be so much more than a fun run. It's a national message of hope with 1.9 million Australians taking part, raising over $50 million—and a reminder that research saves lives.”
“Last Sunday, I participated in the Mother's Day Classic with my son alongside 100,000 Australians walking and running to support life-saving breast and ovarian cancer research. I was inspired by my constituent Melanie Warman. She is the chair of the Sydney organising committee for this incredible national event. She is also the founder of Boobs on the Run, an incredible women-only running group. Her drive to raise funds and improve women's health is deeply personal. She lost her mother to breast cancer almost 20 years ago, and she's turned that loss into action that's helping thousands of women feel supported, informed and empowered. It was a privilege to walk alongside her and other participants who showed up with love, courage and solidarity for this deeply emotional but also hopeful event.”
“It's little wonder that they cannot find leadership. Whilst they all have 'leader' in their titles, it's not about having 'leader' in your title; it's about showing up, the actions that you choose to take and the things that you choose to say. I could very well come up here and talk about the failure of the previous coalition government. I could talk about the fact that they didn't keep fuel reserves onshore—that they kept them in Texas. I could talk about their failure to incentivise Australians to electrify faster. I could talk about the fact that they let four of the six oil refineries leave our shores. But that would be petty. That would be politicising the issue. I'm not about pointscoring. I'm all about leading.”
“They have completely misunderstood the lessons from their time in COVID, when Scott Morrison went around talking about not holding a hose and the constituency in Australia punished him for that. It's not that they want you to actually hold a hose. They want you to show leadership and be in the country, not in Hawaii. That's the message they were trying to send you. They don't actually want Chris Bowen to go around driving a tanker. That is ridiculous. They didn't want Scott Morrison to hold a hose. They wanted him to show leadership. Chris Bowen is showing leadership. He's in this country. He's standing up and showing leadership every day by getting more fuel supply into this country. Those opposite have been alarmists. They have been breeding mistrust in the community, and they have been causing people to panic buy and stockpile.”
“Matt Canavan said: Now thanks to Labor's war on fossil fuels Australians are at breaking point. What a ridiculous statement! We are in this situation not because of our climate change agenda but because of the war in Iran. Let's get the facts straight. Senator Michaelia Cash said: … the government needs to come clean with the Australian people, and I have no confidence … At a time when we need people to trust in government, when we need people to listen to our messages, what do they do? Undermine trust in our political system, in our democracy and in our government. That is a complete and abject failure on their part. She went on to say: … get Chris Bowen in a blasted tanker and get him to drive it to those stations.”
“These were big shocks to our country, external to anything caused by any government at the time, but we all pulled together to get through. What we are facing at the moment is another big challenge. The Executive Director of the International Energy Agency, Fatih Birol, said: This crisis, as things stand now, is two oil crises and one gas crisis put … together. This is a time when we should be pulling together and working in the national interest. And we are. Even the member for New England, the One Nation member, is pulling together and willing to pitch in. The only people who aren't are those opposite. I want to be very specific when I refer to those opposite, because the crossbench have also been willing to contribute. I am talking about the Liberal and National members. Let's look at what they've been saying.”
“I have listened very closely to the contributions from those opposite, and I know that they speak with great passion for their constituents and farmers. If only they could convert that passion into a plan to bring more fuel into this country in the short-term, because they don't have a plan. During times of national crises, Australians want us to pull together. They want us to work together—the coalition, the crossbench— across the parliament in the national interest. And Australians do that best. We've seen that in natural disasters, with mates helping mates. We saw that during the global financial crisis, when the opposition, at the time, supported the bank deposit guarantee. And we saw that during COVID and lockdowns when the Labor opposition, at the time, supported JobKeeper to make sure that people were still getting paid.”
“Over the phase-in period, an 18-year-old casual worker will see a gradual increase of about $10 an hour, which is a significant increase for young workers starting out. I want to congratulate the SDA, its members and the young people who spoke out via the Adult Age = Adult Wage campaign. This is a historic win for all young Australian workers.”
“If you are 18 years old, you can vote, drive and even fight for your country. You are an adult in every way. The only difference is your pay. But, today, thanks to the SDA, we are delivering a massive slay. The independent Fair Work Commission will abolish junior pay rates for workers aged over 18 in retail, fast food and pharmacies so they can be paid the same as other adult employees. This will be phased in to allow businesses time to adjust. It is a great outcome for young workers aged 18 to 20. For too long these young adults were paid less than their older workers. They were adults being paid junior rates, yet they worked just as hard and faced the same cost-of-living challenges. This is a landmark decision for fair pay and intergenerational equity.”
“It is the promise that your name, your face, your faith or your family history should never be a barrier to your future. So let us say it plainly—no to antisemitism, no to Islamophobia and no to racism.”
“It's a country where the daughter of migrants fleeing conflict in Indochina can become a member of the Australian parliament representing one of the most diverse electorates in the country. What drives me every day is to build a more inclusive and welcoming country where every child, regardless of their race or religion, grows up knowing they belong and where our diversity is seen for what it is: one of our greatest national strengths. The Australia I believe in is one where good governments change lives by expanding opportunity, by defending dignity, by making sure every person can participate fully, by rejecting division and by making it clear that hatred has no place in our democracy. That is the promise of Australia. It is the promise that people from every background can build a life here in safety and with dignity.”
“She was wrong in 1996 when she stood up to say multiculturalism in Australia should be abolished, and she continues to be wrong today with her bigotry towards Muslims. I feel sad for that young Muslim Australian whose political awakening may be made by those comments by Senator Hanson. It might make them question their place in this country, just as it made me question my place here decades ago. This is my message to that young Muslim Australian and to all young Australians: you are not defined by your background, your faith, the postcode you grew up in or the school that you went to. In this country you are defined by the content of your character and what you want to do for others.”
“That coincidence makes the moment even more solemn and even more important, because no-one should feel threatened for going to prayer, and no-one should fear abuse because they wear a hijab. We must be unequivocal. Antisemitism, Islamophobia and racism have no place in Australia—not in our streets, not on our campuses, not online and not in our politics. The safety of every community is a shared responsibility. In the face of grief and fear, we choose unity and compassion. Protecting Australians from hate motivated violence and intimidation is essential to safeguarding our democratic freedoms, our social cohesion and our national identity. When any community feels unsafe, the strength of our national fabric is weakened. Recently, Senator Hanson said in a TV interview that there are no good Muslims. She is wrong.”
“The attack at Bondi last year was not only a shocking act of violence; it was a devastating blow to the Jewish community and to every Australian who believes in safety, dignity and respect. Jewish Australians are reporting that they feel less safe, and no-one should have to think twice before walking into a synagogue or expressing their identity. We have also seen a deeply troubling rise in Islamophobia, with increasing threats made to the Muslim community and attacks on their mosques. The International Day to Combat Islamophobia is recognised internationally on 15 March. The date commemorates the Christchurch mosque attacks, the deadliest act of terrorism against Muslims in our region. This year, that anniversary fell during the holy month of Ramadan, a time of deep spiritual reflection and heightened communal activity for Muslims.”
“It is a story shared by so many in my electorate of Reid and across the country—families who came here seeking peace, safety and possibility; families who worked hard so their children could have more opportunities than they did; families who believed in Australia even before Australia fully believed in them. That is why racial discrimination cuts so deeply. It tells people that, no matter how much they contribute, no matter how hard they work, no matter how much they love this country, they will still be seen as seen by some as less than fully belonging. And that is unacceptable. We have seen in recent years how quickly prejudice can harden into abuse, intimidation and hatred. We have seen racism directed at many communities. We have seen an unacceptable rise in antisemitism.”
“It has helped make modern Australia the way it is. I know it personally. In 1978, my parents were welcomed in this country. My family is of Chinese heritage, but my parents were born and raised in Laos, and they fled their homeland and were incredibly lucky that Australia gave them refuge. When my parents came here, they had limited formal education and spoke very little English, but they worked hard in factories and they were able to find secure work with good conditions. They gave my brother and I the education opportunities that they never had, and our family was able to thrive here.”
“The International Day for the Elimination of Racial Discrimination reminds us of a simple truth: a fair society does not happen by accident. Political leaders need to step up. Community leaders need to step up. All of us need to step up. Racial discrimination is not something confined to the past. It is something people still experience in their daily lives, in workplaces, in schools, in the media and online, and sometimes even at their places of worship. That is why this day must be more than symbolic. It must be a call to action. In Australia, we are rightly proud of our multicultural success story. We are a country shaped by migration and by the belief that people from every background should be able to build a good life here. That belief has made us stronger. It has enriched us as a nation.”
“When I was a teenager growing up, the first time I questioned my place in this country was when the newly elected member for Oxley said in her first speech: I and most Australians want our immigration policy radically reviewed and that of multiculturalism abolished. I believe we are in danger of being swamped by Asians. She went on to say: They have their own culture and religion, form ghettos and do not assimilate. It was a message that made me feel deeply unwelcomed here, but it was also a reminder that our multicultural society can be attacked and threatened. It was a reminder that we all have a role to play to nurture and defend multicultural Australia, because a multicultural and multifaith country does not come easily. It takes work from all of us, and that hard work is worth it.”
“My question is to the Minister for Education. How is the Albanese Labor government delivering better outcomes for students through the Better and Fairer Schools Agreement after a decade of decline in outcomes?”
“They can't commit to each other, can't commit to their leaders and can't commit to their own policies. The only party you should have a long-term relationship with is the Labor Party. We're there in the good times, with an increase in funding for public schools and TAFE, and we're there during the challenging times, with tax cuts. We're there in sickness and in health, delivering cheaper medicines, Medicare urgent care clinics and more bulk-billing. The Labor government is committed to its relationship with all Australians.”
“I'd like to speak directly to anyone who's considering supporting One Nation: don't do it. I know you're feeling frustrated or anxious, with cost-of-living challenges and concerns about the global fuel supply, but One Nation isn't the answer. One Nation is like a bad Tinder date: they've got a photoshopped profile pic and they promise you the world, but the reality is very different. Just look at their voting record. They voted against strengthening workers' rights. They voted against making homes more affordable. They voted against funding more public schools, early childhood education and health care. And, just like any bad Tinder date, they'll stiff you with the bill at the end of the night. One Nation will leave us all paying a heavy price, and the coalition are no better. They are commitment phobes.”
“The practical application of these controls, and assurance that they are operating as intended, is critical. I acknowledge the chair, the deputy chair and members of the committee for their considered contributions to this inquiry. I also thank the ANAO and SIA for their cooperation and the committee secretariat for its continued professionalism and support. I commend the report to the House.”
“The first is that SIA prioritise the development and implementation of effectiveness and efficiency performance measures for its key regulatory activities, in line with the Commonwealth Performance Framework. The second is that SIA establish, publish and actively communicate a formal policy of gifts and benefits, to clearly set professional boundaries with the regulated population. The third is that SIA require information from sports to include documented risk factors, to strengthen transparency and support SIA to make risk based and data informed decisions. The committee acknowledges that SIA has undertaken a body of work in response to issues identified by the ANAO. However, as demonstrated throughout the audit and this inquiry, policies, procedures and documentation alone are not sufficient.”
“In the absence of clear, documented processes demonstrating how risk assessments inform decision-making, arrangements with user-pays sports can create the perception of unequal treatment or regulatory capture. The committee is not satisfied that SIA has demonstrated adequate controls to mitigate regulatory capture risks or ensure consistency in its regulatory activities. As to SIA's approach to investigations of potential antidoping rule violations, which is critical to maintaining the integrity of Australia's antidoping system, shortcomings were found in investigative practices, quality assurance processes, documentation and adherence to procedures. The committee makes three recommendations to SIA in this report.”
“Overall, it found that SIA's management of the scheme was partly effective. The inquiry evidence was consistent with the ANAO audit findings. The aspects of SIA's regulatory activities the committee examined included SIA's approach to preventing, detecting and responding to antidoping rule violations, its governance arrangements, its regulatory approach to managing Australia's antidoping testing program, and the robustness of its investigative framework and quality assurance practices. During the inquiry, the committee was particularly concerned to find that SIA's approach to regulation, specifically in relation to sports that pay for their own antidoping testing, is not consistently risk based. SIA has chosen to administer the arrangements for these sports in a manner different from that of sports that receive government funded testing.”
“The committee extends its appreciation to Dr Parkinson and the PBO review secretariat for their work. The committee will further consider the findings and recommendations as part of its ongoing oversight of the PBO. In relation to Report 515: inquiry into the effectiveness of Australia's National Anti-Doping Scheme , this inquiry of the JCPAA examined Sport Integrity Australia's management of Australia's national antidoping scheme. SIA is Australia's national antidoping organisation and holds the primary authority and responsibility for collecting and testing athletes' samples and for detecting potential antidoping rule violations. The Australian National Audit Office conducted an audit to assess the effectiveness of Sport Integrity Australia's management of the national antidoping scheme.”
“The review concluded that the PBO's mandate continues to be appropriate and should remain unchanged and that altering it could jeopardise the PBO's established credibility and strong working relationships. It identified opportunities to further strengthen engagement with parliamentarians, parliamentary parties and the broader public. The review made 23 recommendations across themes including enhancing credibility, improving transparency, strengthening the PBO's service offering and maximising its long-term impact. Together, the recommendations are intended to facilitate more efficient support to parliamentarians and to strengthen the ability of the PBO to continue delivering high-quality, credible support on all dimensions of its mandate going forward.”
“On the independent review of the Parliamentary Budget Office, the Joint Committee of Public Accounts and Audit, in accordance with its legislative responsibilities, requested an independent post-election review of the Parliamentary Budget Office after the 2025 federal election. The review was conducted by Dr Martin Parkinson AC PSM and examined the effectiveness and efficiency of the PBO, the appropriateness of its mandate, its resourcing and service demand levels, stakeholder feedback and the impact of its work on public debates. The review makes it clear to the committee that, 13 years after its establishment, the PBO continues to be a highly regarded institution in the public policy landscape and its work is considered to be insightful and highly credible.”
“On behalf of the Joint Committee of Public Accounts and Audit, I present the committee's Report 515: inquiry into the effectiveness of Australia's National Anti-Doping Scheme . Report made a parliamentary paper in accordance with standing order 39(e). I ask leave of the House to present a report to the committee by Dr Martin Parkinson AC PSM entitled Independent Post-Election Review of the Parliamentary Budget Office 2025 - 26 . Leave granted. I present the Independent Post-Election Review of the Parliamentary Budget Office 2025-26 and I ask leave of the House to make a short statement in connection with the reports. Leave granted.”
“My question is to the Treasurer. How will the Albanese Labor government's new legislation make Australia's superannuation system fairer and more sustainable? How does this compare to other approaches?”
“You get more support for students, more teachers in classrooms and more resources for schools so that every child in this country can reach their full potential, no matter their background. My last question: who neglected and underfunded Australia's public schools for a decade? It was those opposite. They refused to back our public schools, and I'm so proud that we are finally fixing that.”
“This month marks an important milestone for public education in Australia. To mark the occasion, I have a pop quiz for the House. Colleagues, are you ready? Question 1: which government is delivering full and fair funding for all public schools in Australia? It's the Albanese Labor government. We worked with every state and territory government to get this great result. Question 2: when did we finally secure the agreements to fully fund our public schools? It was one year ago. This time last year, the New South Wales government signed their agreement, and, shortly after, Queensland signed on as the final jurisdiction. These agreements will deliver $16.5 billion in additional Commonwealth funding to public schools over the next decade. Question 3: what happens when a government properly funds public education?”
“We are committed to ensuring that the system not only delivers financial security in retirement but does so with fairness. I would encourage anyone impacted by First Guardian or Shield to contact AFCA and ensure your claim is lodged before 31 March.”
“Thanks to the Albanese government, AFCA has been strengthened and now covers additional financial areas, such as disputes around scams, and from this year it will also cover complaints involving crypto platforms. One of the most important initiatives by the Albanese government was the introduction of the Compensation Scheme of Last Resort. This helps people recover up to $150,000 in lost funds in cases like the collapse of the First Guardian and Shield funds. While no sum of money can fully erase the stress and uncertainty victims have gone through, it does give victims such as Melinda Kee some peace of mind that they can get back some of their life savings. The government takes the integrity of our financial system very seriously.”
“Ms Kee has chosen to stand up, speak out and support other victims in chasing compensation. She has provided guidance, shared her experience and helped other people navigate the system. Sometimes she's been their only lifeline. I want to commend her sacrifices, her resilience and her commitment to help others, many of whom have faced severe financial distress as a result of these collapses. Her courage represents the very best of our community. Ms Kee has been working closely with the Australian Financial Complaints Authority, AFCA—a free, independent service which helps consumers and small businesses resolve disputes on financial matters.”
“I recently met with a local constituent, Melinda Kee. She is a victim of the collapse of the superannuation fund First Guardian Master Fund. This collapse and that of the Shield fund have impacted over 12,000 Australians. It has caused devastating financial losses for many of those people just before they hit retirement, a time when they most need their super fund nest egg. These are not just numbers; these are people's futures, their plans and their sense of security that have been shattered. Ms Kee lost all of her retirement savings, worth hundreds of thousands of dollars. On top of this financial hardship, Ms Kee has faced many other life challenges over the last 12 months. Despite all of this she has bravely stepped forward not only to fight for herself but to advocate for others who have been affected.”
“I was extraordinarily proud to talk about the advancements that we have made when it comes to retirement incomes. Subsequent to that presentation, I was then invited to talk about it at an ageing conference at Montana university in the United States. This is an example of great policy entrepreneurship that Australia developed many decades ago that is being looked at by other countries around the world and is being adopted. We are proud of that legacy. We will continue to strengthen that legacy. I look forward to the coalition getting on board with finally recognising the importance of the superannuation system.”
“This bill draws that difference clearly. This is not radical reform; it is responsible and fair reform which supports hardworking, ordinary Australians—predominantly women and young Australians—who deserve a fairer deal. Labor built superannuation, Labor are strengthening it with this bill and Labor will always defend it from those who seek to undermine it because we are proud of our superannuation system. In 2009 I was part of an Australian volunteer program working for a Chinese NGO. As part of that program, I got to deliver a talk to a range of people in China, including Chinese government officials and people working in the NGO sector, about Australia's three-pillar retirement system of the age pension, private savings and, key to all of it, the superannuation system.”
“Many of the people benefiting from LISTO—this increase—will be those who are working and juggling family and caring responsibilities. There are 14 times as many people who will benefit from this boost to LISTO as there are people with more than $3 million in super—14 times as many people will be better off. Ultimately, this legislation is about protecting and strengthening the integrity of superannuation. We believe super belongs to everyday Australians. Under Labor, it is improved, safeguarded and anchored to its purpose. Under the coalition, it was undermined, weakened and questioned. We strengthen superannuation; they stall it. We lift retirement incomes; they freeze it. We make sure that super works for each and every Australian. They want to transform it into a wealth accumulation tool for the privileged few.”
“This reform ensures low-income workers receive a fairer concession, coming at the same time as the government's third round of tax cuts this next year. Under this Labor government, Australians are continuing to earn more and keep more of what they earn. That principle applies here as well. Put into real terms, workers will receive up to $810 per year into their super, and the average increase will be at about $410. Over time, that would mean about $15,000 more at retirement. From 2027 to 2028, over 770,000 additional Australians will be eligible for LISTO. Around 490,000 Australians will receive a higher payment and, in total, 3.1 million Australians will be eligible for LISTO. Around 60 per cent will be women. That's around 750,000 women who will benefit. Around 550,000 young Australians will also benefit.”
“The superannuation system must remain credible for the prosperity of Australians, and credibility depends on fairness. When concessions grow without limits at the very top, public confidence in the system erodes. But fairness is not only about what we better target at the top. It's about who we lift at the bottom as well. We are strengthening the low-income superannuation tax offset, the LISTO. We are increasing it from $500 to $810, and we are lifting the eligibility threshold from $37,000 to $45,000 from 1 July next year. Without LISTO, some low-income earners effectively pay more tax on their superannuation contribution than they do on their wages. This undermines the whole purpose of concessional rates of tax for superannuation. This isn't fair or aligned with the principle of concessional treatment. This reform corrects that.”
“Superannuation funds will calculate and report relevant earnings to the ATO to ensure integrity. So, when we hear scare campaigns claiming retirement tax grabs from those opposite, the numbers tell a different story. This is not radical. This is targeted, it's measured, it's proportionate and it reflects more than two years of consultation and feedback. This is careful policy and it is restoring balance in our superannuation system. It preserves concessional treatment for the overwhelming majority of Australians and it recognises that, when balances reach $5 million, $8 million or $12 million, we are no longer talking about retirement adequacy. We are talking about wealth accumulation supported by large taxpayer subsidies. Taxpayers are entitled to expect that those subsidies are proportionate, fair and reflect a reasonable boundary.”
“Let me say this really clearly: there is no change to the taxation of earnings on superannuation balances below $3 million—none. Those earnings will continue to be taxed at up to 15 per cent. This reform affects less than 0.5 per cent of Australians with superannuation accounts. The higher rate of 40 per cent above $10 million affects less than 0.1 per cent of Australians. That's less than one in 1,000 Australians. In the vast majority of cases, even under these reforms, this will still end up being a concessional tax treatment. It's still under the top marginal personal income tax rate. The thresholds of $3 million and $10 million will be indexed to CPI. Earnings will be calculated using established income tax concepts and realised gains. Defined benefit schemes will be treated in a similar way.”
“Superannuation tax concessions cost the budget more than $60 billion each year. This is not a small figure, and it is projected to grow. At this current rate, that figure is projected to exceed the cost of the age pension itself in the 2040s. That is a structural budget reality that demands responsible stewardship. Right now, those concessions are heavily skewed towards top income earners. Thirty-eight per cent of super-earning concessions go to the top 10 per cent of income earners, and 54 per cent go to the top 20 per cent. That is not what superannuation was designed for. This bill better targets concessions where balances exceed $3 million. For 2026-27, earnings on balances between $3 million and $10 million will be taxed at up to 30 per cent. Earnings on balances above $10 million will be taxed at up to 40 per cent.”