Senator Nick Sherry's claim in his press release `$250 million funding hole in Liberals' Super Package' continues Labor's flawed understanding of the Government's superannuation reforms.
Minister for Revenue and Assistant Treasurer, Senator Helen Coonan said:
"Senator Sherry has got completely confused. He is wrong on at least four counts."
- There is no funding shortfall in the co-contributions/surcharge package;
- There is no specific link between the temporary residence measure and the co-contributions/surcharge measure;
- Estimates for superannuation revenue, as with all revenue estimates, are updated at Budget time; and
- The Government's Budget for 2003-04 is for a surplus.
Revenue figures in relation to the Temporary Residents measure will not be publicly available until such time as the Commissioner of Taxation releases his taxation statistics for the last financial year.