25 August 2011

Will the Coalition Now Support 12 Percent Superannuation?

The Shadow Treasurer has today confirmed in the House of Representatives debate on the Superannuation Legislation Amendment Bill 2011 that the Coalition supports superannuation.

Shortly after 11:00am Mr Hockey told the House: "The Coalition strongly supports superannuation".

The time has surely now come for the Shadow Treasurer to answer some questions.

If you really support superannuation Mr Hockey what are you going to do to increase every Australian worker's superannuation savings?

Do you support the Gillard Government's plans to lift the universal Superannuation Guarantee from 9 to 12 percent?

Do you support an increase in concessional caps for over 50s which allows people to boost retirement savings and without incurring excess contributions tax?

Do you support giving 3.5 million Australians on low incomes (under $37,000) more superannuation by refunding their contributions tax?   60 percent of the beneficiaries of this measure are women.

And given the profits of Australia's biggest resource companies, why won't support an MRRT that helps fund an increase in retirement savings of 8.4 million Australians - including 55,300 in your own electorate of North Sydney?

If the Coalition "strongly supports superannuation" it's time for these questions to be answered.

I am prepared to give every Member of the House Treasury's details of how many people in their electorate are set to benefit from an increase in the Superannuation Guarantee from 9 to 12 percent.

The Coalition has repeatedly said they would provide a response to the Henry Review recommendations on superannuation and thereby release a retirement savings policy.  It is now well over a year since the Henry Review was released.

There are more questions about the Coalition's retirement savings policy - or lack of one - than there are financial services businesses in Mr Hockey's own North Sydney electorate, and there is more than a few of those.