Shorten claims Budget not driving super policy
The Federal Opposition has sought to target the relative silence of the Minister for Finance, Bill Shorten, on the question of expected tax changes to superannuation in the forthcoming Budget, with the minister finally responding in much the same way he did two weeks ago.
The Shadow Assistant Treasurer, Senator Mathias Cormann, had earlier claimed that while many Labor politicians had been discussing the Government's Budget approach to superannuation, Shorten as the responsible minister had remained silent.
"Every Labor galah in the country is telling us what they think about the Gillard Government's misguided plans to hit super with more Labor Party taxes — except the minister responsible," the opposition spokesman said.
However, a few hours later Shorten sought to portray the Government's approach to superannuation changes as being about more than just the Budget bottom line.
"The fact is Australians are living longer and they will need to have adequate savings to retire," the minister said. "That is what has been and will continue to guide us as we look to reform.
"The Budget is not driving our superannuation reforms," he said.
At the same time, Trade Minister Craig Emerson continued to point out that any changes would not be targeting low and middle income earners and called for a debate about perks favouring the "fabulously wealthy".
However Cormann said such comments reflected ongoing "class warfare" on the part of the Labor Party against "Australians doing the right thing by saving so they can look after their own needs in retirement".
"People saving for their retirement deserve certainty and stability in super policy and tax settings," he said. "Super tax concessions are not inappropriate perks for the rich. They are designed to encourage as many Australians as possible to lock up more of their money now so that it is available for them in retirement."
Recommended for you
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
