Mr CRAIG KELLY (Hughes) (11:08): I would like to correct some of the comments made by the member for Macquarie. She gave the impression in her speech that that 3.25 per cent deeming rate cuts in if you have $60,000 in savings and it is done on the whole lot. That is simply not correct. For a couple, their first $81,600 is only deemed at 1.75 per cent. So the example that the member for Macquarie gave was of someone who had $60,000 in an account and she pretended that that was to be deemed at 3.25 per cent. If that $60,000 is with a couple and that is their savings, that will only be deemed at 1.75 per cent. If they are getting two-point-something per cent, as the member for Macquarie indicated, that is actually above the deeming rate. In her speech, I think the member for Macquarie misunderstood that for a couple their first $81,600 is deemed at 1.75 per cent not 3.25 per cent—a very important distinction. As the member for Macquarie pointed out, there are many accounts available out there in the marketplace for someone with $80,000. For a couple with $80,000 there is actually well above the deeming rate. For those fortunate enough to have more than $80,000 of investments we must remember the return on superannuation accounts. Let us look at the last three years. In 2013-14 the average return on superannuation funds in this country was 12.7 per cent. In 2014-15 it was 9.7 per cent. In the last year it has been down—it has only been 2.3 per cent. But if we look at the average of those last three years, it is an 8.2 per cent return on superannuation accounts averaged over the last three years, which is well above the deeming rate. The member for Macquarie also talked about how she wants to give more to pensioners, and wouldn't it be wonderful if we could do this for pensioners? That is absolutely correct. Both sides of this parliament would love to be able to do more for pensioners. But the reality is that in this nation we pay for the pension by the money and income earned by the nation each year. We do not have some big savings deposit like they do in other countries, where the interest from that amount pays the ongoing pensions. It is the wealth created by people working today that pays pensions today. Is the wealth of those who earn wealth in this nation tomorrow that will pay the pensions tomorrow. I am sure the deeming rate raises issues for some people, but I say the greatest concern that pensioners should have is the risks of higher costs coming through. We have seen that with the closure of the Hazelwood power station. Estimates of increases in electricity costs— Opposition members interjecting— Mr CRAIG KELLY: They laugh. I do not know if Hansard can record laughter. We have the prospect of pensioners in this country facing a 25 per cent increase in their electricity bills from the closure of Hazelwood, and what do we hear from the other side? Laughter. This is simply not good enough. At the moment, with the high cost of electricity in this country, pensioners are paying twice the price for electricity as they are in North America. There are many pensioners that go to sleep in winter in cold homes in Sydney, Melbourne, Victoria and other parts of this nation because they cannot afford to turn their electricity on. And yet we have policies that are going to push that price up by 25 per cent. What do we have from the other side? Instead of expressing some concern about that, they laugh and snigger. This is a disgrace. We need to do the best we can for our pensioners, and the most important thing— (Time expired)