Division
Gavin Marshall Senator Leyonhjelm, because that amendment was not successful your next proposed amendment is now redundant. Mathias Cormann I table a supplementary explanatory memorandum relating to the government amendment to be moved to this bill. I move government amendment (1) on sheet BJ276: (1) Schedule 6, item 1, page 36 (lines 5 to 9), omit the item, substitute: 1 Subsection 19(2) Repeal the subsection, substitute: (2) The charge percentage for a quarter in a year described in an item of the table is the number specified in column 2 of the item. On 23 June 2014, the government flagged in the House of Representatives that further changes to the superannuation guarantee schedule announced in the budget would be introduced as an amendment to the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013. Today, I move this amendment, which will increase the super guarantee rate to 9.5 per cent from 1 July 2014 and then remain at 9.5 per cent until 30 June 2018. It will then increase by 0.5 per cent each year until it reaches 12 per cent in 2022-23. This amendment is required because the Senate previously opposed the government's proposal to pause the SG rate at 9.25 per cent. It is the fiscally responsible and necessary thing to do. Claire Moore The Labor opposition will be opposing this amendment—I am sure that is a surprise to the minister. This is not a technical amendment. This is actually of deep importance to every person who has superannuation in our nation. It will mean literally billions of dollars to individual superannuation recipients across our country, as the indexation of the rise is changed. This is a common element of the budget provisions that came through recently, where in a number of our standard payments the government claims that there is no decrease but that, in fact, it is just a change. This is a slower rate of increase. So we disagree with this. We have an expectation of an effective super future in our nation. Treasury analysis s
Senate, 2014-07-17. negative: ayes 30, noes 36.
Question
Gavin Marshall Senator Leyonhjelm, because that amendment was not successful your next proposed amendment is now redundant. Mathias Cormann I table a supplementary explanatory memorandum relating to the government amendment to be moved to this bill. I move government amendment (1) on sheet BJ276: (1) Schedule 6, item 1, page 36 (lines 5 to 9), omit the item, substitute: 1 Subsection 19(2) Repeal the subsection, substitute: (2) The charge percentage for a quarter in a year described in an item of the table is the number specified in column 2 of the item. On 23 June 2014, the government flagged in the House of Representatives that further changes to the superannuation guarantee schedule announced in the budget would be introduced as an amendment to the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013. Today, I move this amendment, which will increase the super guarantee rate to 9.5 per cent from 1 July 2014 and then remain at 9.5 per cent until 30 June 2018. It will then increase by 0.5 per cent each year until it reaches 12 per cent in 2022-23. This amendment is required because the Senate previously opposed the government's proposal to pause the SG rate at 9.25 per cent. It is the fiscally responsible and necessary thing to do. Claire Moore The Labor opposition will be opposing this amendment—I am sure that is a surprise to the minister. This is not a technical amendment. This is actually of deep importance to every person who has superannuation in our nation. It will mean literally billions of dollars to individual superannuation recipients across our country, as the indexation of the rise is changed. This is a common element of the budget provisions that came through recently, where in a number of our standard payments the government claims that there is no decrease but that, in fact, it is just a change. This is a slower rate of increase. So we disagree with this. We have an expectation of an effective super future in our nation. Treasury analysis s
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