JOURNALIST:
What’s your reaction to Labor’s proposed changes to superannuation and specifically, would you support a 15 per cent tax on superannuation earnings above $75,000?
TREASURER:
Well, Labor’s default position is always to increase taxes. First major policy announcement from Bill Shorten is about increasing taxes. We’re always skeptical of announcements from Labor, but I’ll have a look at the details. Frankly, last time they tried this they made a mess of it. We’ll have a look at the details but I’m always skeptical of Labor coming up with new taxes. Look at the Mining Tax, look at the Carbon Tax and now they’ve got a new Superannuation Tax.
JOURNALIST:
Mr Hockey, you said on Q & A recently that super concessions were an area the Government would be looking at as part of a Tax White Paper process. So you’re still up for generally looking at whether those concessions are benefitting a particular section of society over others?
TREASURER:
Well we’ve got a proper process in place to look at taxation. Mr Shorten is making it up as he’s going along. Last time he tried this Treasury said it was un-implementable in various ways. The problem is spending. Labor just does nothing about spending. They just want to increase taxes and that’s their default position.
JOURNALIST:
But you’re not philosophically opposed to a 15 per cent tax?
TREASURER:
I don’t like higher taxes, I am philosophically opposed to higher taxes, and that’s why I’m in the Liberal Party because ultimately, if you increase taxes you’re just collecting someone else’s money and when the Labor Party waste it, then you get justifiably angry about it.
JOURNALIST:
If you are philosophically opposed to higher taxes then why would you even consider this proposal?
TREASURER:
I am saying, we have a Tax White Paper, we have a proper process. Labor makes it up as they go along. Quite frankly, we’ve said if they’re integrity measures they should be looked at. Labor is just trying to make-up for more Government spending that they locked in. Their problem is they spend too much and they don’t want to reduce the tax burden on Australians.