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Gillard Labor anti-super, Shorten too weak to resist?

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Media Release Senator Mathias Cormann Shadow Assistant Treasurer Shadow Minister for Superannuation

13/0221/MC 21 February 2013


The current Labor government has a terrible track record on superannuation.

So far they have imposed more than $8 billion in increased taxes targeting people saving for their retirement.

Over the past five years they have cut super co-contribution benefits for lower income earners by more than $3.3 billion.

Overall retirement savings are lower than they would have been without Labor's tax attack on super.

Then they have imposed billions of dollars in increased costs on the industry which ultimately have to be paid for by those saving for their retirement through superannuation.

Invariably that increased super red tape was imposed without going through even the most basic cost-benefit analysis as required by the government's own rules.

Overall earnings on retirement savings are lower than they would have been without Labor's red tape attack on super.

We know that Labor is looking to impose more new taxes and more new red tape on super.

Julia Gillard and Wayne Swan are desperate for more cash to pay for their wasteful spending and for the failure of their mining tax.

They think Australians doing the right thing by saving more for their retirement are soft targets for more Labor tax increases.

Meanwhile Bill Shorten is missing in action on super.

Is it because he's too weak to resist Julia Gillard and Wayne Swan or because he doesn't care?

Or is it because he is too busy trying to secure his own political future rather than focus on the future of working Australians?

Australians saving for their retirement deserve certainty and stability in super policy settings so they can plan their future retirement with confidence.

That's why a future Abbott led Coalition government will not make any detrimental unexpected changes to superannuation.

Labor should join the Coalition in our commitment to certainty and stability for superannuation.

MEDIA CONTACT: Senator Cormann 0411 874 546