The Minister for Revenue and Assistant Treasurer, Senator Coonan, today announced that through the 2002-03 Budget the Government has given effect to its superannuation election commitment to allow the Baby Bonus to be contributed to superannuation. Recipients of the Baby Bonus will be able to contribute the Baby Bonus, as well as any other amount, to superannuation, even if they have never worked before. This initiative will commence on 1 July 2002.
This initiative provides a new mechanism for parents at home caring for children to continue to save for their retirement and reflects the Government's policy of encouraging voluntary superannuation contributions and providing greater access to superannuation.