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Super fiction from Assistant Treasurer Mr Dutton.

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SENATOR NICK SHERRY Labor Senator for Tasmania Shadow Minister for Superannuation, Intergenerational Finance: Banking & Financial Services


May 11, 2007

Super fiction from Assistant Treasurer Mr Dutton

Assistant Treasurer Mr Dutton’s media release on Labor’s plan to establish a superannuation clearing house to remove the form-filling and checking, cost and legal liability from business, particularly small business, is just plain wrong on a number of points;

• Business has the choice of using the clearing house as an option if they wish - there is no direction • The service will be contracted to the private sector - there is no mega-bureaucracy • For small business it will be a service free of charge - there are no thousands of

dollars in fees for small business • It shifts the new red tape process and burden from business to the clearing house - it does not double up • This practical solution comes from an employee in a leading Australian bank -

not from unions!

Mr Dutton should have read the detail before rushing out a media release.

The Howard Government 11 long years ago promised to cut red tape on business by 50 per cent.

On financial services and superannuation for business year after year has seen layer after layer of new regulation and red tape.

As to cost, the Liberal solution is to chuck bucket loads of money at problems after they occur rather than seek practical solutions to the fundamental causes of problems.

For more information contact Nick Sherry 0418 482 807