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Abbott refusing to make superannuation fairer to save his own job



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THE HON CHRIS BOWEN MP SHADOW TREASURER MEMBER FOR MCMAHON

THE HON BERNIE RIPOLL

SHADOW MINISTER FOR FINANCIAL SERVICES AND SUPERANNUATION MEMBER FOR OXLEY

ABBOTT REFUSING TO MAKE SUPERANNUATION FAIRER TO SAVE HIS OWN JOB

Liberal Senator Arthur Sinodinos has exposed Tony Abbott’s decision to rule out ever making changes to Australia’s superannuation tax concessions as being all about Tony Abbott’s interests and not the national interest.

Interviewer: “So, it’s a political decision?”

Sinodinos: “I think it’s a strategic decisions, if I can put it like that.”

Sky News PM Agenda, 13 May 2015

Sinodinos also confirmed that Tony Abbott’s decision was another Captain’s Call by revealing that it had not been discussed by the Liberal Party Room.

Interviewer: Was this strategic decision made by the party room?”

Sinodinos: “It’s something that’s come from the leadership.”

While Tony Abbott is playing short-sighted political games, new research released today on the fairness of Australia’s superannuation tax concessions has shone a spotlight on Tony Abbott’s refusal to make the system fairer for low and middle income Australians.

Modelling released by the Australian Institute of Superannuation Trustees (AIST) and Mercer has revealed that very high income earners currently receive an average of $335,000 more over a lifetime in government support (via superannuation tax

concessions) towards their retirement incomes than the level of government support provided to median income earners.

These new figures come on top of last week’s Budget papers showing the cost of total superannuation tax concessions (earnings and contributions) outstripping the cost of the Age Pension by the end of the forward estimates period.

Labor has proposed our Fair Superannuation Package that will help address these challenges. To protect his own job, Tony Abbott has refused to meet this economic challenge.

Tony Abbott has an appalling record on superannuation. Australians know they simply cannot trust him.

After once referring to it as a “con-job” and then promising no adverse changes, the Prime Minister has frozen the Super Guarantee twice and abolished the Low Income Super Contribution effecting 10 million Australians at a cost to their retirement savings of over $900 billion.

Labor created Australia’s compulsory superannuation system, Labor legislated increasing the Superannuation Guarantee to 12 per cent and Labor refunded low income earner’s superannuation tax.

Labor will be the only party at the election with a plan to make superannuation fair and sustainable.

THURSDAY, 21 MAY 2015

MEDIA CONTACT: JAMES CULLEN (BOWEN) 0419 719 879 CHRIS RAMSAY (RIPOLL) 0430 009 434