Coalition will reneg on 12 per cent - Bowen
A Coalition Government will never deliver on lifting the superannuation guarantee to 12 per cent, according to the Federal Treasurer, Chris Bowen.
Addressing the Financial Services Council (FSC) conference in Brisbane, Bowen said he was prepared to predict that in similar fashion to what had occurred in 1996 under the Howard Government, the Coalition would reneg on its commitments to lift the superannuation guarantee to 12 per cent.
He said that was why it was wrong to suggest that not a lot separated the government’s superannuation policy from that of the Coalition.
“Our super policies are not the same,” he said. “The SG will not get to 12 per cent under a Coalition Government.”
Bowen used his FSC address to reaffirm his policy commitment to quarantine super from major tax changes for five years, but acknowledged that the Treasury and future governments would be sorely tempted during tough economic times by the sheer scale of Australia’s super savings.
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