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Report On Superannuation Incorrect.

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Report On Superannuation Incorrect Media Statement - 5th November 2007

The report in the Sydney Morning Herald from 3 November 2007 (page 64) claiming a Labor Government will increase the 9 per cent Superannuation Guarantee paid by employers is incorrect.

Labor’s policy is that it would be desirable over time to provide additional incentives to low and middle income earners to add to the 9per cent superannuation guarantee through personal

contributions to achieve a combined 15 percent savings target.

Employers will not be required to contribute any more than the existing 9 percent.

The 9 percent superannuation guarantee PLUS personal contributions PLUS Government incentives such as an enhanced Co-contribution scheme are the best way to achieve a TOTAL 15 percent savings target for low and middle income earners.

This is entirely consistent with the ALP National Policy Platform endorsed earlier this year.

Senator Sherry's media release of 7 August 2007 stated "Labor has made it clear on many occassions that it will not be increasing employers 9% superannuation guarantee payments" .

Nick Sherry Wayne Swan

Authorised by Tim Gartrell, 161 London Circuit, Canberra City, ACT 2600