The Coalition has today moved from sound bites to silence on superannuation.
The Shadow Treasurer's Budget reply was a huge disappointment for millions of Australians looking for bi‑partisan support for policies that will lead to security and dignity in their retirement.
The Coalition opposes an increase in the Super Guarantee- changes that would see 8.4 million Australians receive an increase in their retirement incomes - but again failed to outline an alternative plan for increasing the retirement savings of Australians.
The Shadow Treasurer just doesn't get it when it comes to growing national savings and individual retirement incomes.
Mr Hockey talked about “a massive looming shortfall" in capital for infrastructure that is “beyond the capacity of government to fill". Yet he and Mr Abbott oppose the Government's superannuation reforms which will add half a trillion to Australia's private savings over the next 25 years. Increased superannuation savings will play a key role in financing Australia's future infrastructure needs and reduce our reliance on foreign funds.
Continuing a pattern of sloppiness when it comes to the economy and financial statements, Joe Hockey is now claiming savings from not increasing the SG to 12% despite arguing only weeks ago, on ABC Insiders that “Not $1 of it is coming out of the Government's pocket".
Mr Abbott and Mr Hockey want to deny:
- Older Australians who want to work longer the benefits of the superannuation guarantee;
- Australians who are over 50 with lower super balances, the opportunity to contribute up to $50,000 a year into superannuation at a concessional tax rate;
- A 30-year-old on average weekly earnings an additional $108,000 in retirement savings;
- A 30 year old women on average weekly earnings who experiences an interrupted work pattern, an additional $78,000 in retirement savings; and
- The Australian economy the benefit of an additional half a trillion of domestic savings which will be directed back into jobs, growth and infrastructure.
19 May 2010