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Labor welcomes " Call For Super Action"

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MEDIA RELEASE 28 April 2004


Labor welcomes “Call for Super Action” released today by 13 leading finance and industry organisations.

Central to “Call for Super Action” is recognition of the need to achieve higher retirement incomes through additional superannuation savings - a need already acknowledged in Labor Policy.

Labor endorses the objectives in “Call for Super Action”. Labor’s recently announced Retirement Incomes policy includes a wide range of specific initiatives that support these objectives including:

• Setting a goal of 65% of gross pre-retirement income as an adequate level of retirement income - “65 at 65”; and • Reducing the 15% contributions tax from 15% to 13% over 4 years, with the long term goal of eliminating it altogether.

Labor will also: • Provide simple and comparable information in a standard format for all fund members; and • Automatic consolidation or rolling together of lost super accounts - 4.6

million “lost” accounts containing $7.6 billion - returning lost money to its rightful owners.

The May Budget will be a major test of the Howard Liberal Government’s commitment - or lack of commitment - to lift superannuation savings rather than following a “work until you drop” strategy.

Labor calls on the Howard Liberal Government to act in a bi-partisan way and commit to reducing - and eventually eliminating - the contributions tax on superannuation savings. Less tax means increased retirement savings for most Australians, and extra incentives to save.

“Call for Super Action” is further evidence of the need to lift retirement savings before it is too late for most Australians.

For more information or comment please contact: Senator Nick Sherry (02) 6277 3128/(03) 6424 8241 or 0418 482 807 Lana Joyce (02) 6277 3128/(03) 6424 8241 or 0414 505 989