The Minister for Superannuation Bill Shorten has welcomed news that superannuation funds are on track to post their best performance in 16 years.
Labor has always had the view that superannuation is a good long term investment for working Australians, and for the nation.
Tony Abbott and the Liberal Party on the other hand refuse to accept superannuation as a foundation stone of a strong Australian economy, and will never increase the Superannuation Guarantee.
"Well, we strongly oppose the superannuation increase. We have always as a Coalition been against compulsory superannuation increases."
TONY ABBOTT
PRESS CONFERENCE
23 MARCH 2012
Superannuation contributes significantly to national savings, employment, financial stability and economic growth and takes the pressure off the Age Pension.
Superannuation in Australia today is worth about $1.5 trillion and under Labor will be boosted by a further $500 billion by 2037.
Following the impact of the Global Financial Crisis, superannuation returns continue to improve, with the average growth fund returning 15.4 per cent and the average balanced fund returning 11.6 per cent for the financial year to date.
Whilst returns year on year remain volatile, this is welcome news for millions of hard working Australians saving for their retirement.
This news makes Tony Abbott's proposed cuts to superannuation all the more detrimental and short-sighted.
Under an Abbott government every Australian worker with superannuation will have their retirement savings cut to the bone.
Tony Abbott will also cut the Low Income Superannuation Contribution which delivers up to $500 extra to those earning $37,000 or less a year.
This will cut the retirement savings of almost 3.6 million Australians, including 2.2 million Australian women.
In stark contrast, the Gillard Labor Government is boosting the superannuation of hard working Australians by increasing the compulsory contribution from 9 per cent to 12 per cent starting 1 July 2013.
Under Labor, a person aged 30 today on average full-time earnings will retire with an extra $127,000 in superannuation savings.
The choice at the next election couldn't be clearer.
Labor created super and is the only political party interested in growing the retirement savings of hard working Australians.
Labor has a plan to provide greater certainty and transparency in the future through the Charter of Superannuation.
The Liberal Party opposes the Charter and has no positive plan for the future of super.
The only thing Tony Abbott and the Liberal Party are interested in is cutting superannuation to the bone.