Labor has proved they are light-fingered as well as light on policy detail by 'borrowing' large tracts of Government superannuation policy to flesh out their own lacklustre plans, Minister for Revenue and Assistant Treasurer, Senator Helen Coonan said today.
Speaking after her address to the Association of Superannuation Funds of Australia (ASFA) conference today, the Minister said Labor's first stab at superannuation policy included an increase of red-tape, blatant disregard for the rights of workers and sudden support for long-standing planks of Government superannuation policy.
"Bereft of ideas of their own and following a seven year super policy void, Labor has had to resort to pinching Government policy initiatives that are already in train to make themselves look like they are still a party interested in Australian workers.
"Shadow Treasurer Mark Latham had the hide to stand in front of industry representatives today and declare his party's support for Choice of fund when Labor has consistently blocked the Government's push for Choice since 1997.
"At least it shows that Shadow spokesman for Retirement Incomes, Senator Nick Sherry, has learnt some lessons during our long debates about Choice in the Senate.
"Labor said they would consolidate superannuation accounts but wouldn't give Australian workers any choice about where their super would be consolidated to.
"Labor's supposed commitment to consolidation also rings a little hollow when you remember that Senator Sherry had the chance to support the Government's portability regulations which encourage consolidation of super except Labor disallowed them in the Senate.
"Actions speak louder then words when it comes to Labor. They now support Choice but not for everyone - Latham put on the record today that small business would be carved out of their Choice platform.
"This carve out outrageously discriminates against those who work in small businesses. They would be denied a choice under Labor.
"The Government believes there must be incentives for people to save for retirement and has just delivered the superannuation co-contribution and surcharge reduction package which will put $1.3 billion in the super accounts of Australian workers.
"We stand for giving Australian workers ownership of their superannuation through measures such as Choice of fund and portability and we are reuniting people with their lost super through the ATO administered Lost Members Register and Super-Match facility.
"Labor has no ideas of its own except to introduce more red tape. Such regulatory control will do nothing to make the system more accessible and affordable for those saving for their retirement."