Daniel Mulino

Answer from Jason Clare

The Minister noted the government had already cut $3 billion in student debt and planned to cut another 20 per cent if re-elected, which would wipe $5,500 off an average debt of $27,000. He highlighted that the government was also working with regulators to ensure student debt does not hinder home loan applications. He criticized the opposition for suggesting Australians burn through superannuation to buy homes.

Answer from Daniel Mulino

The minister highlighted Payday Super, including super on paid parental leave, and the strengthened low-income super tax offset. He argued that the opposition and One Nation posed a risk to superannuation security by proposing policies that would reduce retirement savings. He dismissed their proposals as economic insanity and affirmed the government's commitment to defending and strengthening the superannuation system.

Answer from Daniel Mulino

The Assistant Treasurer highlighted measures such as payday super, super on paid parental leave, and strengthened low-income super tax offsets benefiting 1.3 million Australians. He criticized the opposition and One Nation for attacking superannuation, citing quotes from Liberal and National politicians describing it as a policy failure or communism. He argued that the government's approach of tax cuts and wage increases provided better cost-of-living relief than the opposition's proposals.

Answer from Daniel Mulino

The Minister highlighted reforms such as paying super on parental leave and payday super to prevent losses. He announced August reforms to strengthen consumer protections and fix procedural issues in the compensation scheme for misconduct. He argued that opposition policies would cost Australians thousands of dollars and undermine retirement security. He emphasised that the government was committed to defending the superannuation system against attacks from the Coalition and One Nation.

Answer from Daniel Mulino

The minister stated that he had answered previous questions responsibly by not speculating on live incidents. He quoted the Illicit Tobacco and E-cigarette Commissioner, who said lowering taxes alone would not resolve the criminal market. He highlighted that the government had invested $365 million in enforcement, resulting in the seizure of 3.4 million illicit cigarettes and targeting over 100 service stations. He argued that the government's approach focused on enforcement rather than tax cuts, which he claimed would not eliminate profit opportunities for criminals.

Answer from Daniel Mulino

The minister outlined measures including payday super, strengthening the low-income super tax offset for 1.3 million Australians, and improving consumer protections. He criticized opposition and One Nation policies for raiding super balances, citing modelling that showed a median wage worker would be $25,000 poorer under One Nation's proposal. He argued that the government's approach protected retirement savings and supported workers, contrasting it with opposition policies that he claimed would reduce retirement incomes.

Answer from Daniel Mulino

The Assistant Treasurer highlighted the implementation of payday super, which ensures workers receive their super with their wages, and the strengthening of the low-income super tax offset for 1.3 million Australians. He warned that proposals to divert compulsory contributions would hurt retirees, citing modelling that a median worker withdrawing three per cent over a three-year period would face a $25,000 shortfall upon retiring. He criticised opposition parties for advocating policies that would reduce retirement security and independence.

Answer from Daniel Mulino

The Minister explained that the news bargaining incentive encourages digital platforms to make fair commercial deals with Australian news publishers. He noted that the legislation had passed the Senate and included incentives for small and medium publishers. Funds collected from platforms that do not make deals would be distributed to news organisations based on the number of journalists employed, with a 20 per cent bonus for small and diverse publishers. The Minister thanked the opposition and crossbench for their support.

Answer from Daniel Mulino

The Assistant Treasurer announced a package of reforms to strengthen the super system, including banning unlicensed real-time communications about super and tightening anti-hawking laws. He highlighted new accountability measures allowing ASIC to direct trustees to remediate failures and giving APRA powers to ensure trustees have financial capability. He also noted progress on financial advice reforms to improve access to safe advice.

Answer from Daniel Mulino

The Assistant Treasurer detailed the boost to the Low Income Super Tax Offset, benefiting 1.3 million Australians with an average increase of $410. He mentioned closing loopholes for family violence perpetrators and child sexual abuse offenders. He announced further consumer protection reforms to be released the following day. He contrasted these measures with the opposition's stance, which he claimed undermined universal superannuation.

Answer from Daniel Mulino

The minister stated that the government had increased the superannuation guarantee to 12 per cent and boosted the low-income superannuation tax offset for 1.3 million workers, including 750,000 women and 550,000 Australians under 30. He cited a study indicating that a 30-year-old who withdrew $20,000 under early-release schemes would retire with approximately $93,600 less. He identified the opposition parties as a significant risk due to their historical opposition to universal superannuation.

Answer from Daniel Mulino

The Minister stated that the government is committed to making insurance more affordable through multiple approaches. He highlighted the $200 million Disaster Ready Fund for mitigation works and the strengthening of the General Insurance Code of Practice, which will become contractually enforceable. He also mentioned a new project to improve price transparency in insurance premiums and risk reductions. The Minister emphasized a strategic, long-term approach to regulation involving consumer groups and industry experts.

Answer from Daniel Mulino

The Minister explained that the census provides essential data for government, business, and community organizations to make decisions about schools, hospitals, and infrastructure. He noted that this year, Australians could subscribe via myGov for updates and online forms. He emphasized that accurate participation ensures all communities are represented in national planning. He encouraged everyone to complete the census thoughtfully and accurately.

Answer from Daniel Mulino

The Minister stated that new rules made it illegal for large supermarkets to charge excessive prices compared to supply costs plus a reasonable margin. Penalties for breaches were set at the greater of $10 million, three times the advantage gained, or 10 per cent of yearly sales. He noted that maximum penalties for competition law breaches had increased to $100 million. He also mentioned the mandatory food and grocery code and funding for CHOICE to provide price information.

Answer from Daniel Mulino

The minister announced that from 1 July 2026, it would be illegal for large supermarkets to charge excessive prices compared to cost plus a reasonable margin. He noted that breaches would face fines of the greater of $10 million, three times the profit gained, or 10 per cent of yearly sales. He listed other measures including strengthening the unit pricing code, tackling shrinkflation, improving price transparency, and providing $30 million to the ACCC. He also mentioned grants for fresh produce suppliers and making the Food and Grocery Code of Conduct mandatory. He stated that the opposition had opposed these reforms.

Answer from Daniel Mulino

The Assistant Treasurer stated that the legislation tilted the tax system in favor of young people by abolishing negative gearing for established properties and taxing real gains. He noted that Treasury modelling suggested these changes would shift ownership from investors to owner-occupiers, helping approximately 75,000 Australians become homeowners in the coming ten years. He criticized the Opposition for defending the 1999 tax changes that he argued had created structural flaws in the housing market.

Answer from Daniel Mulino

The Assistant Treasurer reiterated that charitable and fixed trusts are exempt from the policy. He stated the aim was to align taxation for income from work versus capital and trusts.

Answer from Daniel Mulino

The Assistant Treasurer said the reforms feature a permanent $250 yearly tax reduction for 13.3 million employees via the working Australian tax offset. He observed that the typical employee would gain up to $2,800 by 2028. Adjustments to negative gearing and capital gains will help approximately 75,000 Australians buy homes in the coming ten years. He condemned the opposition for resisting tax reductions and wage increases.

Answer from Daniel Mulino

The Minister highlighted the halving of fuel excise and reduction of road user charges. He noted increased penalties for price gouging up to $100 million. He mentioned support for businesses through tax and banking flexibility. He listed legislative actions to ban unfair trading practices, subscription traps, and drip pricing. He also noted the Reserve Bank's decision to ban card surcharging.

Answer from Daniel Mulino

The Minister urged businesses to operate responsibly and not profiteer from the Middle East conflict. He highlighted legislation passed in the House to increase the maximum ACCC penalty for anticompetitive behavior from $50 million to $100 million. He noted the extension of the ACCC's petrol price monitoring program for five years and its power to issue infringement notices. The Minister listed cost-of-living relief measures including tax cuts, student debt relief, cheaper medicines, and child care, which he stated were opposed by the opposition. He affirmed the government's commitment to fair markets and targeted relief.

Answer from Daniel Mulino

The Assistant Treasurer highlighted Australia's economic resilience and banking system strength. He listed cost-of-living relief measures including tax cuts, student debt reduction, cheaper medicines, childcare, and healthcare access. He noted the doubling of ACCC penalties for false conduct to $100 million and directed the ACCC to monitor fuel prices weekly. The Assistant Treasurer mentioned an ACCC investigation into alleged anti-competitive conduct by major fuel companies and authorized fuel suppliers to coordinate supply to prioritize independent distributors and regional communities. He emphasized efforts to strengthen competition across the economy.

Answer from Daniel Mulino

The minister stated that he had not ignored any warnings. He noted that upon being notified earlier in the year, he sought briefings from his department and wrote to APRA and ASIC regarding further actions. He highlighted that ASIC had taken actions in court and that an agreement with Macquarie saw over $300 million returned to investors.

Answer from Daniel Mulino

The Assistant Treasurer stated the government was focused on delivering election commitments, including sustaining tax cuts for all taxpayers. He noted the Coalition had voted against these tax cuts. He affirmed that the government had not changed its tax positions and had clear policies from the last election, including a 20 per cent HECS reduction and upcoming payday super policies.

Answer from Daniel Mulino

The Assistant Treasurer referenced the Shadow Treasurer's comments that nothing should be taken off the table regarding tax review. He stressed that the government's priority was implementing election tax policies, which included tax cuts for all taxpayers. He noted these policies had been rejected by the opposition at the last election and asked the member to clarify the opposition's own policy.

Answer from Daniel Mulino

The minister referenced an inquiry into flood insurance that produced 86 recommendations. He noted that the general insurance code of conduct was being approved by ASIC and would become enforceable. He mentioned ongoing work to standardize insurance terms and improve protections around cash settlements and temporary accommodation. He highlighted the Disaster Ready Fund and Hazards Insurance Partnership as measures to reduce risk in high-risk areas. Regarding health insurance, he stated the Minister for Health was working with CEOs on reforms to make maternity, mental health, and Hospital in the Home services more affordable.

Answer from Daniel Mulino

The minister confirmed that legislation to wipe 20 per cent of student debt had passed the House, benefiting over 23,000 students in Deakin and 28,000 in Fraser. He noted that the ATO would implement the reduction based on debts as of 1 June 2025. Additionally, he highlighted regulatory changes by APRA and ASIC to exclude HELP debt from debt-to-income reporting and serviceability assessments, aiding students in entering the housing market.

Answer from Daniel Mulino

The Assistant Treasurer stated that the policy applies to around half a per cent of member funds, specifically those larger than $3 million. He argued that tax thresholds are not always indexed, citing the Coalition's previous failure to index the Division 293 threshold, and maintained that the measure is fair and modest.

Answer from Daniel Mulino

The Assistant Treasurer stated that the reform applies only to balances of $3 million or more, affecting approximately half a per cent of members. He emphasised that concessional tax treatment remains for amounts above $3 million. He noted that all super funds must meet diversification and liquidity requirements under current law, and that self-managed funds holding farms should receive commercial arm's-length payments from those assets.

Answer from Daniel Mulino

The Assistant Treasurer confirmed that approximately 80,000 members in total would be affected, representing about half a per cent of the superannuation system. He stated that it was difficult to ascribe specific numbers to particular business types but emphasised that the policy targeted funds with balances significantly higher than those required for a dignified retirement, while maintaining concessional tax treatment for all funds.