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Government cannot afford all provisions of new superannuation scheme



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( F i l e 2 6 2 / 7 5 )

THE LIBERAL PARTY OF AUSTRALIA new s re l e a s e ^ FEDERAL SECRETARIAT ยท

GOVERNMENT CANNOT AFFORD ALL PROVISIONS OF NEW SUPERANNUATION SCHEME

STATEMENT BY MR. R .V . GARLAND, SHADOW MINISTER FOR THE PUBLIC SERVICE

The Shadow M i n i s t e r f o r t h e P u b l i c S e r v i c e , Mr. R .V . G a r l a n d ,

s a i d t o d a y t h e A u s t r a l i a n G o v e r n m e n t h a d o v e r - s p e n t t o s u c h

an e x t e n t t h a t i t s i m p l y c o u l d n o t a f f o r d a l l o f t h e p r o v i s i o n s

c o n t a i n e d i n t h e new C om m onw ealth s u p e r a n n u a t i o n s c h e m e .

Mr. G a r l a n d s a i d i n f o r m a t i o n h e h a d r e c e i v e d i n d i c a t e d t h a t '

n e a r l y h a l f o f t h e L a b o r P a r t y ' s E c o n o m ic C o m m itte e a n d som e

M i n i s t e r s h a d v o i c e d s e r i o u s c o n c e r n a t some o f t h e o v e r -

g e n e r o u s 1 p a c e - s e t t i n g 1 f e a t u r e s o f t h e new s c h e m e .

"I w o u l d n o t b e a t a l l s u r p r i s e d i f many o f th em a r e h o p i n g

t h a t o u r f o u r m a in am end m ents a r e i n c o r p o r a t e d i n t h e B i l l " ,

Mr. G a r l a n d s a i d .

" T h e s e am en d m en ts w i l l s a v e t h e G o v e r n m e n t fr o m h a v i n g t o make

p r o v i s i o n f o r a t l e a s t $ 1 , 5 0 0 m i l l i o n fr o m t a x a t i o n r e v e n u e

i n t h e f u t u r e f o r t h e s u p e r a n n u a t i o n s c h e m e . I t may b e much more

a t t h e p r e s e n t i n f l a t i o n r a t e .

"At a t i m e when many e c o n o m i s t s a r e p r e d i c t i n g a d e f i c i t a s h i g h

a s $ 6 , 0 0 0 m i l l i o n b y t h i s t i m e n e x t y e? .r du e t o e x t r a v a g a n t

c o m m it m e n ts t h e G o v e r n m e n t h a s a l r e a d y e n t e r e d i n t o , c l e a r l y o u r

s a v i n g s w i l l b e w e l c o m e .

"To p u t i t m ore s p e c i f i c a l l y , t h i s G o v e r n m e n t i s w e l l on t h e way

t o 1 g o i n g b r o k e 1 a n d w i l l b e f o r c e d t o r a i s e t a x e s e v e n h i g h e r

i f t h e new s u p e r a n n u a t i o n s c h e m e f o r p u b l i c s e r v a n t s i s a p p r o v e d

a s i s by P a r l i a m e n t .

" I t s h o u l d b e e m p h a s i s e d t h a t w i t h o u r p r o p o s e d am en d m en ts n o

p r e s e n t member o f t h e p u b l i c s e r v i c e w i l l b e w o r s e o f f . M o st

w i l l b e much b e t t e r o f f .

" F u t u r e m em bers may s t i l l r e t i r e a t 60 y e a r s o f a g e , b u t w i t h

t h e i r p e n s i o n s a d j u s t e d a c c o r d i n g l y . "

* * * * * *

J u n e 1 , 1 9 7 5

BLACKALL & MACQUARIE STS., BARTON, A.C.T. G.P.O. BOX 13, CANBERRA, A.C.T. 2600. TEL. 73 2564. TELEX AA 62630