Treasury Laws Amendment (Building a Stronger and Fairer Super System)

“These bills do exactly that. They deliver more help to more people. They better target concessions. They strengthen equity. They safeguard sustainability. For the factory worker, for the aged-care worker, for the young apprentice working to be a tradie, for the enrolled nurse, for the hospitality worker, for the shiftworker, for the miner, for the part timer and for the casual, these bills are changing Australia for the better. It's a reform that builds a stronger, fairer super system and I commend it to the House.”

Australian Labor Party • MP • 04 Mar 2026

“I rise to speak in support of the Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026 and the Superannuation (Building a Stronger and Fairer Super System) Imposition Bill 2026. This legislation is about strengthening what is one of Australia's most important social institutions, our superannuation system. It's about fairness, boosting retirement savings for everyday Australians, closing loopholes that benefit the very wealthy and addressing structural inequalities that have left, in particular, many women retiring with significantly less super than they should have.”

Australian Labor Party • MP • 04 Mar 2026

“This bill is the product of genuine consultation with communities like mine, and it reflects the collective spirit of Australians who want to see the superannuation system become stronger and even fairer so that it continues to deliver a more secure retirement for millions of working Australians today and into the future, and not just some working Australians. Of the three pillars of retirement savings in this country—the age pension, super and personal savings and assets—super needs to be maintained as the driver, and this bill is part of the reform necessary to further the objective of an equitable and sustainable system, providing all working Australians with a dignified retirement. I commend the bill to the House.”

Australian Labor Party • MP • 04 Mar 2026

“For those of us who remember insecure work under WorkChoices—earning less than $10 an hour and responsible for paying our own superannuation out of that wage—the importance of a strong, enforceable and universal superannuation system is not theoretical; it is lived experience. It should be paid as it is earned, it should be preserved for retirement, and the concessions that support it should be equitable and sustainable. This legislation advances that purpose. I commend the bills to the House.”

Australian Labor Party • MP • 03 Mar 2026

“Australia's superannuation system is the envy of the world. This bill builds on that success by delivering more support to low-income workers through an increased LISTO while better targeting concessions to large balances. Together, these reforms ensure superannuation continues to provide a stronger, fairer and more secure retirement for millions of Australians both today and into the future.”

Australian Labor Party • MP • 04 Mar 2026

“Deputy Speaker, I'd like to leave you with a statistic that demonstrates the purpose of this bill. There are 14 times as many people who will benefit from the changes to the LISTO as there are people who have over $3 million in super. It is now time for those opposite to put their support behind a fairer super system, and I urge them to vote for Australians on low incomes, not to vote for bigger tax breaks for the few who have millions in their super funds.”

Australian Labor Party • MP • 03 Mar 2026

“Superannuation has reduced future pension pressure. It has increased household wealth. It has deepened capital markets. And it has given millions of Australians a tangible stake in our nation's prosperity. Superannuation is one of Australia's most important public policy achievements. That's why it's so important for us to confront any imbalances in the system when they do arise, and that's exactly what this bill does. It strengthens support where it's most needed. It moderates concessions where they are least justified. It modernises the system whilst respecting its very foundations. It's measured, targeted and principled. This bill ensures that the system remains strong, fair and sustainable for generations to come. I commend the bill to the House.”

Australian Labor Party • MP • 04 Mar 2026

“The Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026 will increase tax concessions for workers on low incomes by boosting the low-income superannuation tax offset. The bill will also ensure that concessions for individuals with large balances above $3 million are better targeted and more equitable. Tax concessions for very large superannuation balances are increasing in cost and becoming less sustainable. At present super tax concessions cost the budget more than $60 billion per year and will exceed the cost of the age pension in the 2040s. That's the reality of the current situation. Right now, around 38 per cent of the benefit from super tax concessions goes to the top 10 per cent of income earners and 55 per cent goes to the top 20 per cent. These concessions were intended to support Australians in retirement, not provide tax concessions for wealth accumulation or estate planning.”

Australian Labor Party • Senator • 10 Mar 2026

“Like all great reforms, it must be maintained, protected, and, when necessary, refined. That is what this bill does. It strengthens the integrity of the system and better targets concessions so they flow where they are actually needed. It lifts support for low-income workers and ensures the long-term sustainability of a system that is now one of the largest pools of retirement savings in the world. This is not radical; it is the next chapter in a proud story.”

Australian Labor Party • MP • 04 Mar 2026

“At the moment, in Australia, the wealthiest 10 per cent of income earners receive $22 billion in tax breaks by transferring their income into superannuation rather than simply paying income tax on it like the rest of Australia. But the lowest 20 per cent of income earners receive only about $800 million in tax breaks despite the fact that that population of Australians is much larger than the wealthiest 10 per cent. So the system is stacked against workers, and is it any wonder that people feel like, no matter how hard they work, they can't make ends meet and that they feel like the system is stacked against them? Because it has been for too long, and our government is going to do something about that. I want Australian workers to know that we hear them. We hear what you're suffering, and we know what you're going through. We know that the system is stacked against you. We know that it unfairly favours the wealthy at the expense of workers. That is why we are changing the system. That is what this bill, the Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026, is all about. We are acting to rebalance the superannuation system unashamedly in favour of workers.”

Australian Labor Party • MP • 03 Mar 2026

“Superannuation was never intended to operate as a tax shelter for large fortunes; it was designed to provide working Australians, ordinary Australians, with security and dignity in retirement, and those are principles that Labor is committed to. These reforms recognise that principle. They maintain concessional treatment for the vast majority of Australians while modestly reducing tax breaks for those with the very largest of super balances. Importantly, the Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026 also strengthens support for low-income workers by increasing the low-income superannuation tax offset.”

Australian Labor Party • Senator • 10 Mar 2026

“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 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.”

Australian Labor Party • MP • 04 Mar 2026

“I commend the changes in the Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill and the Superannuation (Building a Stronger and Fairer Super System) Imposition Bill to the House. As the Albanese government members are fond of saying, myself included, we want Australians to earn more and to keep more of what they earn. The changes here make that possible, in addition to all of the other reforms our government has implemented to make that so. I'm sure this is a statement you've heard many times in this place, and it is something that we really do mean. We build on that mission today through helping low-income workers keep more of their superannuation whilst making the system stronger, fairer and more sustainable.”

Australian Labor Party • MP • 03 Mar 2026

“One of the most important things in this bill is what the LISTO does. Here we have an attempt to right that imbalance between the income tax that a worker would pay and what the tax rate is on that superannuation. In Forde, for instance, something like 11,353 people are going to benefit from the LISTO to the tune of something like $4.6 million. That's because the LISTO is about helping lower-income earners, somewhere around 60 per cent of whom, in Forde, are women. It is about lifting up the super balances of lower-income earners, particularly women.”

Australian Labor Party • MP • 04 Mar 2026

“As superannuation was built, it was never intended to be a vehicle for unlimited tax advantages. It was designed to support working Australians—cleaners, nurses, teachers, retail workers, tradies, carers—to ensure that older Australians could look forward to retirement with dignity and security. This bill strengthens that original purpose. It ensures that our superannuation system remains fair, sustainable and focused on delivering income in retirement, alongside government support, in an equitable way.”

Australian Labor Party • MP • 04 Mar 2026

“This side of the House stands with working people. We stand with the nurse, the apprentice, the retail worker, the single parent returning to work and young Australians starting their first job. Superannuation is not a loophole. It is not a shelter. It is not a privilege for the few. It is a pillar of economic security for the many. Labor built it, Labor strengthened it and Labor will defend it—stronger, fairer and more sustainable. I commend the bills to the House.”

Australian Labor Party • MP • 04 Mar 2026

“Importantly, the revenue raised from these reforms will strengthen support for low- and middle-income workers. We are boosting the low-income super tax offset, the LISTO. We will increase the eligibility threshold to $45,000 and lift the maximum payment to $810. This will benefit more than three million Australians. In Holt, that includes early childhood educators in Narre Warren, retail workers in Cranbourne, hospitality staff in Hampton Park and aged-care workers right across my community. These are the people who keep our local economy running. Many are women. Many work part time. Many earn modest incomes while juggling family responsibilities. Analysis from the Super Members Council suggests that women will make up around 60 per cent of those benefiting from this reform, with some projected to be up to $60,000 better off in retirement after their working lives. That is real progress in closing the retirement gender gap. These reforms are about fairness. They reduce excessive tax concessions for the wealthiest 0.5 per cent. They strengthen retirement savings for millions of low-income workers. They protect the long-term sustainability of the system. They keep superannuation true to its purpose, delivering income for a dignified retirement.”

Australian Labor Party • MP • 03 Mar 2026

“While the opposition wants to focus on the top half a percent, I'd rather focus on the 1.3 million Australians who will benefit from schedule 4 of this bill. We are boosting the low income superannuation tax offset, or LISTO. This is a game changer for low-income workers in Bullwinkel, and it's good to hear that the opposition support this component. We are increasing the maximum payment from $500 to $810 and lifting the eligibility threshold from $37,000 to $45,000. We have over 100,000 sales assistants, over 50,000 administration workers and over 50,000 aged carers and disability carers in the nation who will benefit. These are the people that I worked alongside in the health system. These are the people who keep our local shops running in Forrestfield. For a part-time worker in Mundaring earning $40,000 a year, this boost, combined with other reforms, could mean an extra $15,000 in their account by the time they retire. We all know the value of compounding income and savings. That's the difference between a retirement spent counting every cent and a retirement spent with dignity.”

Australian Labor Party • MP • 04 Mar 2026

“The changes to LISTO have had strong support in my community and in families across all of Tangney. In my conversation with families, women and young people, it is clear these changes are both fair and practical. There are changes designed to ensure people on a lower income are not placed at a disadvantage. These changes provide a fairer tax concession on their super contribution while also making a real difference in efforts to narrow the superannuation gender gap. These changes make sure everyone has concessions to save for retirement through super while also improving the equity and sustainability of the superannuation system by reducing concessions for small numbers of individuals with very large super balances. I support this bill.”

Australian Labor Party • MP • 04 Mar 2026

“These reforms, of course, are part of a much broader agenda. Since coming to office, Labor has strengthened the superannuation system in multiple ways. We are paying superannuation on paid parental leave for the first time, we've introduced payday super to ensure contributions are paid on time and we have increased the superannuation guarantee to 12 per cent, alongside legislating the objective of superannuation itself. Labor built Australia's superannuation system, and we remain committed to ensuring it continues to deliver for future generations—stronger, fairer and more sustainable than before. This bill delivers more help to low-income workers, makes concessions fairer and protects the long-term sustainability of the system on which millions of Australians rely. I commend the bill to the House.”

Australian Labor Party • MP • 04 Mar 2026

“They make the system more sustainable by better targeting concessions for the biggest balances to help fund more super for people with the smallest balances.”

Australian Labor Party • Senator • 10 Mar 2026

“This bill restores that confidence. It does that in two clear ways. First, it better targets tax concessions for those with very large balances. Second, it strengthens support for low income workers so that super works for the people it was meant to serve. Super tax concessions are deliberate policy choice. They exist to encourage people to save for retirement. They exist so that ordinary working people can build for their retirement over time. But those concessions must be sustainable, they must be justified, and they must be targeted fairly. Right now, too large a share of earning concessions flows to those at the very top end of the system. This bill adjusts the concession tax treatment for super earnings on amounts above a very high limit.”

Australian Labor Party • MP • 04 Mar 2026

“As we know, at the time of the introduction of the LISTO many years ago, it was seen as a fairness fix. This legislation seeks to keep in line with that objective, continuing for it to be fair. The LISTO was frozen for 13 years and had fallen behind because of changes to the tax brackets. What these changes will do is make up for those gaps. When the tax bracket changed on 1 July 2020 from $37,000 to 45,000, the LISTO did not. That meant that people earning between those amounts did not get the super tax refund. Missing out on tax concessions adds up, as we know, over a working life. A woman in the bottom 20 per cent of wage earners could lose up to $60,000 from their superannuation balance by retirement. This is a significant reform, and boosting the LISTO will benefit 1.3 million Australians—of which around 60 per cent are women. That will help to narrow the gender pay gap in retirement. Workers could receive a potential benefit at retirement of around $15,000. For that alone, it is worth supporting this legislation.”

Australian Labor Party • Senator • 10 Mar 2026

“The question now is that this bill be now read a second time. There being more than one voice calling for a division, in accordance with standing order 133 the division was deferred until the first opportunity of the next sitting day.”

Australian Labor Party • MP • 04 Mar 2026

“So the Greens will support this bill unamended, but I want to be very clear. We are supporting this bill as a down payment on broad, deep, ambitious and progressive tax reform, and we expect to see that broad, deep, ambitious and progressive tax reform in Labor's upcoming budget. There is a massive Labor majority, a stonking majority, in the House of Representatives, and Labor plus the Greens is enough to deliver any legislation through the Senate. The opposition is an absolute rabble, and the numbers are there in both houses of this current parliament for broad, deep, ambitious and progressive tax reform as long as the Labor Party is prepared to show courage and ambition. The only obstacle to genuinely deep, progressive and ambitious tax reform in the upcoming budget is Labor's political courage.”

Australian Greens • Senator • 10 Mar 2026

“While the Greens will be supporting this super change in the House, we're reserving our position in the Senate. I want to make an important distinction here, because this watered-down super tax was announced alongside a long-overdue increase in the low-income super tax offset. The Greens wholeheartedly support this part of the changes, two-thirds of which will flow to women's retirement.”

Australian Greens • MP • 04 Mar 2026

“We have to do a whole lot more to urgently address intergenerational inequity. These superannuation changes go some small way towards that, so I support them, but they're very small steps on a very long road. There's a whole lot more that we need to do to reshape our economy for the next generation. In the meanwhile, I commend the bill to the House.”

Independent • MP • 03 Mar 2026

“The bills didn't pass through the Senate in the last parliament and have come back now with some amendments, and I'm pleased that the government has now acted on all three of the concerns that I raised last time. The government has ensured that tax will only be applied to realised gains, has committed to indexing the new thresholds and has delayed the implementation date, although I note that this remains an area of some concern. With these changes, I'm satisfied that the bills now meet the intent in a targeted and fair way and, as such, I will be supporting them.”

Independent • MP • 03 Mar 2026

“I'll be supporting this bill because it makes our super system fairer and helps reduce inequality. Superannuation is one of the best things Australia has ever done. It means ordinary workers can retire with dignity after a lifetime of hard work. But, like any system, it has to keep evolving to stay fair. This bill makes a simple and sensible change. It means that super balances above $3 million will have earnings taxed at 30 per cent instead of 15 per cent, and balances above $10 million will have earnings taxed at 40 per cent. I reckon that's fair. Most Australians will never come close to those balances, but, when someone has many millions sitting in a tax advantaged account, it's reasonable that the tax treatment reflects that.”

Independent • Senator • 10 Mar 2026