SG increase in danger, says Bowen
Federal Treasurer Chris Bowen has expressed concern about the future of the superannuation guarantee (SG) increase from nine to 12 per cent if the Coalition Government comes to power.
Speaking at the joint Financial Services Council/Industry Super Network breakfast function last Friday, Bowen expressed disappointment that the timetable on SG increase was no longer bipartisan.
“It’s important that it’s delivered; if John Howard had met his original commitment to move superannuation to 12 per cent when he was elected in 1996, then the Australian superannuation industry would be in an even better and stronger position than it is today,” Bowen said.
If re-elected, Bowen said the Labor Government would deliver on a timetable it had already outlined.
“It’s happening too late - it should have happened in 1996, but we are delivering it now,” he said.
“I fear that having already delayed 9-12 as a promise, if the Liberal Party is elected on 7 September, the 12 per cent will not happen.”
Bowen also said he was against a full-blown inquiry into the financial services industry, after the Coalition indicated it would revisit the Wallis inquiry if elected.
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