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Super plan to save jobs.

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Wed, 4th February 2009


The Hon Chris Pearce MP Shadow Minister for Financial Services, Superannuation and Corporate Law

The Coalition today announced a proposal to help small businesses with their cash flow, by paying a portion of the Superannuation Guarantee obligations on behalf of small employers (those with 20 or fewer staff) for the next two years.

“Our proposal would mean that the Commonwealth would contribute a substantial portion of the Superannuation Guarantee payments that employers are required to make on a quarterly basis,” said Mr Pearce.

“This measure has the potential to protect 3.8 million jobs across small businesses in Australia.

“Our policy represents a targeted initiative to directly reduce the costs of employment, thereby protecting jobs.

“This measure maintains and contributes to the Coalition’s long term policy of fostering growth in superannuation; it also demonstrates our commitment to enhance the adequacy of superannuation accounts.

The Opposition’s proposal will not only improve the cash flow of small business, but money will be freed up for much needed ongoing investment.

“It is capital investment which lays the foundations of future employment security,” said Mr Pearce.

Key industry sources welcomed the initiative saying that it was likely to save jobs and would sustain the level of superannuation contributed for retirement.

The Coalition invites the Government to engage in a discussion about this well targeted proposal which will directly address the nation’s key challenge: the protection of jobs.