Labor’s move to disallow the Government’s portability regulations for the second time proves they are only interested in opposition for opposition’s sake, Minister for Revenue and Assistant Treasurer, Senator Helen Coonan said today.
“Shadow retirement incomes spokesman Senator Nick Sherry feels so strongly about these regulations that he can’t even be bothered to debate them in these Parliamentary sittings.
“He’s so complacent he hasn’t even offered a reason for opposing these regulations but will gladly leave consumers in limbo and drag out a decision on whether workers can consolidate their small superannuation accounts until next year.
“This is yet another example of baseless Labor opposition to key Government reforms designed to hand back control of superannuation to Australian workers.
“The Government’s portability policy allows individuals to make their own decision to consolidate super accounts into an account of their choice but Labor supports automatic consolidation of accounts with no choice for Australian workers.
“Labor’s super policies are based on fear, Government control and lack of personal choice.
“Just recently Labor attempted to defeat the Government’s $1.3 billion package including a matched superannuation co-contribution measure for low income workers and a reduction in the superannuation surcharge for workers who can afford to save for their retirement.
“They also opposed the Government’s original portability regulations which would have allowed consolidation from active and inactive accounts.
“The Government’s superannuation policies are aimed at motivating Australians to plan and save for their retirement by providing workers with greater ownership of their superannuation through choice and portability and emphasising the need for education and informed decision making.
“Labor only wants to get in the way of reform. Senator Sherry earlier this week criticised the Government’s Superannuation Safety Amendment Bill which is raising the bar on safety within the superannuation system.
“Labor’s policies on superannuation focus on prescriptive regulation and red tape that will increase administration costs of super funds which will in turn be passed on to policy holders in the form of reduced returns.
“Opposition Leader Mark Latham must abandon opposition for opposition’s sake.
“He must call on his Labor Senators to support the Government’s portability regulations.”