Super hits election agenda
Superannuation looks likely to become a hot issue in the lead up to the federal election later this year.
Opposition leader Kim Beazley has this morning reiterated Labor's push for an inquiry into superannuation, this time calling for a review of the tax arrangements surrounding super.
"There is a need for an inquiry into superannuation, the taxation arrangements that are associated with it, the adequacy of provision for retirement," Beazley said.
Beazley's comments come hot on the heals of the launch of a $100,000 TV campaign by the Association of Superannuation Funds of Australia (ASFA) criticising the taxes on super.
ASFA will run two ads over the next fortnight to demonstrate the effect of superannuation taxation on saving for retirement.
ASFA chief executive Philippa Smith says both major parties have failed to address superannuation issues and voters rate super as a key election platform. A recent ASFA survey of the swinging electorate of Moreton in Queensland found that 90 per cent of voters say adequacy of retirement incomes is a key issue.
"ASFA undertook this campaign because we wanted to get the message across that the major parties are sticking their heads in the sand if they don't recognise that adequacy of retirement incomes is an issue for the electorate," Smith says.
Beazley says the coalition government had "botched" the superannuation system from the stand-point of tax as well as co-payments. However, Beazley declined to commit to reducing taxes on super.
"If you get a decent enough inquiry put in place that takes the long term view, looks at the retirement needs of Australians, then of course, you must put into the melting pot the taxation issues that are associated with it," he said.
"But you wouldn't make a commitment short of an inquiry actually coming up with a set of suggestions to you."
ASFA will run the commercials over the next fortnight and is considering running them again prior to the election which is likely to come around December this year.
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