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House of Assembly - Fifty-First Parliament, Third Session (51-3)
2008-10-14 Daily Xml
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SUPERANNUATION, PUBLIC SECTOR

Ms CHAPMAN (Bragg—Deputy Leader of the Opposition) (14:54): My question is to the Treasurer. Does the government intend to stand by its plans, put in place before Labor came into office, to fully fund public sector superannuation by 2034?

Members interjecting:

Ms CHAPMAN: No; he has not. When will we see the unfunded liability start to decline? In the 2005-06, 2006-07 and 2008-09 budgets, the Treasurer postponed the date at which the unfunded superannuation liability will start to decline from 2011 to 2012 to 2014, with further delays likely to give the latest unfunded superannuation blow-outs.

The Hon. K.O. FOLEY (Port Adelaide—Deputy Premier, Treasurer, Minister for Industry and Trade, Minister for Federal/State Relations) (14:55): Two things: first, the deputy leader is plain wrong and, secondly, she has asked me a question which I answered 45 minutes ago. Let me repeat what I said. There has not been a delay in fully funding our state's liabilities. What has occurred is that, because the unfunded liability has increased in recent years due to market conditions, the curve has risen, but the end point remains the same—and I said it. That is why it would be decent to the parliament if you actually paid attention when I am giving a statement. On page 2 of my statement I say—and I repeat what I said 40 minutes ago:

The unfunded liability is our most significant liability, given our low debt levels, but, as members may be aware, the credit rating agencies include the unfunded superannuation liability when determining their rating.

The government maintains its commitment to fully funding our superannuation—

Ms Chapman: My question is: when are you going to do it?

The Hon. K.O. FOLEY: Just listen; you didn't let me finish the sentence.

Ms Chapman: You didn't put it in your statement and you know it.

The Hon. K.O. FOLEY: Didn't I? Okay. Can everyone listen for one sec—this is good. I continue:

The government maintains its commitment to fully funding our superannuation liabilities by—

wait for it—

2034—

I said it; I said it in here—

the target set down by the previous Liberal government.

I said it; we stick to it. You made a fool of yourself because you are a goose. You idiot.

The SPEAKER: Order!

Members interjecting:

The SPEAKER: Order!

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