Superannuation

Yesterday the member for Fairfax presented the government with a birthday cake and our Prime Minister blew out the candles. Together, they ensured that nine mining companies would pay less tax and nine million Australians would have less superannuation.

The deal done yesterday, like so many things delivered by the Abbott government in their first year in government, hurts families. It kills off the schoolkids bonus to 1.3 million families—a possible $15,000 hit over the school life of a two-child family. It kills off the low-income superannuation contribution and puts off the rise in superannuation contributions to the never-never. What is very obvious here is that this government has its hand in the pockets of Australians. This money will not be in workers' pockets. This deal means that workers will have less in their retirement funds. If they are low-wage earners they will be doubly hit—the most disadvantaged again doing the heavy lifting for our Treasurer.

This deal has also meant a hit to small business with changes to tax arrangements. This will be a significant cost to small businesses across Australia, with the government cutting more than $5 billion of direct tax assistance. The Prime Minister cares more about sneaky backroom deals than the retirement incomes of millions of people. What is clear here is that those opposite and Clive Palmer care more for themselves and their mining mates than they do for hardworking Australians.

The member for Fairfax saved nothing but himself yesterday. He saved himself and the mining companies millions.