One Nation MP Barnaby Joyce had a contentious return to ABC's flagship program 7.30 on Monday, clashing with host Sarah Ferguson over the party's new superannuation policy.
Joyce appeared on the program to discuss a proposal that would permit renters and mortgage holders to access up to a quarter of their superannuation contributions over a three-year period. This marks his first appearance on the show since an interview in July where he was seen yelling at his dog.
The interview became tense when Joyce struggled to provide details on the potential inflationary impact of the policy, which he and One Nation leader Pauline Hanson are advocating. Ferguson pressed him to model the lifetime financial losses individuals of various ages might face if they chose to access their superannuation under the proposed scheme. Joyce responded by questioning the feasibility of the request, asking, "how long is a piece of string?" and suggesting it would require complex annuity tables and regression analysis.
Ferguson interrupted, stating that as the Treasury spokesman for One Nation, he should be familiar with the policy's implications. Joyce retorted, "The Treasury spokesman [yes], not Jesus Christ. You need to give me the details of these things if you're going to put them forward to me."
Ferguson proceeded to read out figures suggesting a 30-year-old earning an average wage could be $94,000 worse off, a 40-year-old $51,000, and a 50-year-old $27,000 worse off over their lifetime if the policy were enacted.
Joyce reiterated that he would need more detailed information and time to conduct such an analysis, even suggesting he would be happy to return the following day if his accountancy fees were covered. "I’m happy to come back to you tomorrow. And as I said on another stable, and as long as you’re prepared to pay my accountancy fees, we can do this regression analysis," he stated.
The One Nation policy aims to provide financial relief to Australians facing cost-of-living pressures. Under the proposal, employers would continue to contribute the full 12 percent compulsory superannuation. Workers would have the option to receive three percent of this contribution as wages for three years, while the remaining nine percent would continue to be invested for retirement. Individuals choosing not to opt for the wage increase would see no change to their superannuation contributions. The policy suggests a couple earning a combined $168,000 annually could receive an extra $4,300 after tax annually, or $82 per week, for three years. An individual earning $90,500 could receive approximately $2,300 extra per year, or $44 per week, over the same period.