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Labor still plans to spend your super.



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No.053

Wednesday 26 th July 2006

LABOR STILL PLANS TO SPEND YOUR SUPER

Labor is still out to get its hands on your money to fund their political projects.

Today Wayne Swan stated that taxpayers’ superannuation should be used to pay for ‘social infrastructure - schools, hospitals, public housing, aged and child care.’

The Howard Government believes this is your money and that you should decide how it is best invested for your future. It is not a slush fund for Labor to throw into its own political schemes.

Labor has a history of trying to hijack super for political ends:

• In July 2000 Mark Latham came up with a new proposal that education

could also be funded by siphoning off superannuation funds. He stated that “I envisage a national system of Lifelong Learning Accounts. … The accounts would be financed from a variety of sources…resources drawn forward from superannuation funds.” (Source: Speech by Mark Latham, “Unchain my Mind Forum”, Melbourne, 27/07/2000) • Labor’s then leader Simon Crean added in November 2002 that

people’s savings should be diverted into building and managing housing. “Let me raise a different approach,” he said, “one which sees the Government in partnership with Australia's greatest financial asset - our superannuation funds, to build and manage housing, primarily for the benefit of struggling Australian families.” (Source: Simon Crean, Speech to the National General Assembly of Local Government, 4/11/2002) • Labor’s former President Carmen Lawrence wrote in the CEDA Journal

of July 2001 that “Labor is examining ways of overcoming some of these obstacles and increasing the level of investment by superannuation funds in venture capital.” (Source: CEDA Bulletin, July 2001, page 58) • Labor’s then industrial relations spokesman Craig Emerson said in

2002 that “Labor could consider seed funding for the establishment of

regional investment vehicles into which the superannuation funds were channelled.” (Source: Craig Emerson: Speech “Thriving Industries in an Innovative Australia” 30/09/2002)

Instead of trying to spend your money on ALP political projects, Kim Beazley and Wayne Swan should tell Australians whether or not they will back the Government’s superannuation reforms released in the 2006 Budget.

It’s been 78 days since the Budget and Kim Beazley still won’t back abolishing end benefits tax on superannuation, abolishing reasonable benefits limits, extending the co-contribution scheme to the self employed and halving the age pension assets test taper rate to $1.50 per fortnight from 20 September 2007.

Labor is eager to spend your super but will not back reforms to make saving for your retirement easier.

Media Contact: Brad Emery 02 6277 7360 - 0414 225 638

© Commonwealth of Australia 2000