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Heaven help the self funded retirees.

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Senator the Hon Helen Coonan Shadow Minister for Human Services (to 22 September 2008)

Labor has again hidden behind a wall of rhetoric, after today refusing to outline any measures the Rudd Government was taking to protect Australian superannuation accounts arising from the volatility of the American capital market.

Rudd Government Minister for Superannuation and Corporate Law, Senator Nick Sherry, was unable to answer whether or not the Rudd Government had undertaken any economic modelling on the potential impact on Australian self-funded retirees.

“Senator Sherry appeared blissfully unaware in his ambiguous response today,” Senator Coonan said.

“This is a government that appears unable to grasp that global financial turbulence will likely have an impact on the retirement income of self funded retirees and those who are planning to retire, this year or next.

“They may be forced onto the aged pension or part pension,” Senator Coonan said.

“Heaven help them if they have to rely on the aged pension because the Rudd Labor Government won’t help them.

“This is a do nothing government that does not appear to have the first idea of how to manage the Australian superannuation system at a time of global economic peril,” Senator Coonan said.