Shorten commits to 12 per cent SG despite MRRT

superannuation-guarantee/taxation/government-and-regulation/senator-mathias-cormann/government/cent/

12 February 2013
| By Staff |
image
image
expand image

The Minister for Financial Services, Bill Shorten, has committed the Government to delivering on lifting the superannuation guarantee to 12 per cent irrespective of the revenue raised by Mineral Resources Rent Tax (MRRT).

Interviewed on national radio, Shorten declined to specify how the Government would translate the revenue shortfall but referenced reaching into consolidated revenue.

"Take it to the bank, we're going to pay for our superannuation changes," the minister said.

Asked how the Government would do so, Shorten said: "Oh, through consolidated revenue we will pay for this tax that we've cut and the Liberals want to reintroduce".

Shorten then went on to discuss the funding of the Government's tax cut for low income earners, and Coalition statements that it would likely reintroduce the tax because it was not being appropriately funded.

Asked whether the Government would be looking to deliver on its superannuation policy promises by increasing the superannuation tax paid by wealthy Australians, Shorten appeared to side-step the issue  again by pointing to the super tax cuts delivered to lower income workers.

The Shadow Assistant Treasurer, Senator Mathias Cormann, has maintained his criticism of the MRRT, claiming it cannot be fixed and should be scrapped.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 6 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 5 days ago

TOP PERFORMING FUNDS