The Crest of the Commonwealth of Australia Treasury Portfolio Ministers
Picture of Peter Costello

Peter Costello

Treasurer

11 March 1996 - 3 December 2007

Media Release of 17/05/2002

NO.029

LABOR'S SUPER BUNGLE

The Department of Treasury has carried out a preliminary costing of the Labor Party's policy announced last night to oppose the superannuation surcharge tax cut and reduce superannuation contributions tax levels.

Table: Preliminary Accrual Revenue Implications of the Opposition Superannuation Policies

Mr Crean has today recognised that Labor has been caught with a massive multi-billion dollar shortfall. He has introduced brand new measures to try and plug the hole which he failed to mention last night.

He has today announced that he will withdraw about $250 million every year from Commonwealth public servants.

He has also announced that Labor will oppose the Coalition's policy to allow superannuation splitting amongst couples.

Even with these panic revenue measures announced today, Labor still faces a revenue shortfall of around $1 billion over four years.

Mr Crean has been caught out again because of his opportunism.

Melbourne, 17 May 2002
Contact: David Alexander (02) 6277 7340