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910 years for full take-up of children's super accounts.



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SENATOR NICK SHERRY

SHADOW MINISTER FOR RETIREMENT INCOMES AND SAVINGS

MEDIA RELEASE

12 September 2003

910 years for full take-up of children’s super accounts

Senator Sherry asked Senator Coonan in the Senate Question Time on Tuesday if she would confirm only 500 children’s accounts had been opened some 14 months after the scheme commenced operation.

Children’s accounts were the centrepiece of the Liberal Party’s superannuation policy launched on November 5 2001.

The Prime Minister, John Howard, said the package “trail blazes particularly in the area of children”.

He forecast 470,000 accounts would be operational by 2005/06, revised down to 47,000 in the June 2003 budget.

Treasury have admitted it will be downgraded even further at additional estimates in November 2003.

Senator Coonan claimed “it is not possible to agree or disagree… this is not something that should be just estimated with figures plucked out of the air”.

Did the Prime Minister John Howard pluck out of the air his 470,000 estimate prior to the election when making it the centrepiece of Liberal superannuation policy?

At the current rate, it will take 910 years for the full take-up of children’s superannuation accounts.

For more information or comment please contact: Senator Nick Sherry 02 6277 3128 or 0418 482 807 Rosie Irvine 02 6277 3127 or 0414 692 283