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Keating's outrageous PM election stunt



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Richard Alston

SHADOW MINISTER FOR RETIREMENT INCOMES

NEWS RELEASE KEATING'S OUTRAGEOUS PM ELECTION STUNT

If Paul Keating's Prime Ministerial agenda is to judged by his retirement income plans, heaven help the Australian economy.

In telling Laurie Oakes that one of his foremost aims as Prime Minister would be to develop a national retirement incomes scheme "so that by the end of the decade an average worker could look forward to a pension of 70% of pre-retirement earnings" he is clearly in cloud cuckoo land.

Even if workers were to pay 10% of their earnings into

superannuation they would still only be left with a pension of about 35% of average weekly earnings. To achieve 70% by the end of the decade it would be necessary to increase the contribution rate to 20% over the next 9 years, i.e. more than 2% a year when the Industrial Relations Commission in its April national wage case decision has just held that even a second round 3% staggered over the next 3 years is unrealistic.

This desperate pitch at the left wing vote is not only

outrageously cynical politics on a par with Hawke's deliberate lie to either Keating and/or the Australian electorate over his retirement plans - but bodes ill for any rational approach to this very important subject.

Rather than ex cathedra pronouncements on the Sunday program, Mr Keating should be urging that the Government convene a national conference on superannuation and retirement incomes as soon as possible so that not only an appropriate target, but the means of achieving it, can be the subject of rational and sensible debate.

For further information contact; Senator Richard Alston on [03] 890 1477 or [03] 817 1675.

Sunday, 2 June 1991.

COMMOMW1 PARUAMENTAB' M iC .A i-