The Government's superannuation measures have been tested at the polls, costed in the Budget, and should now be passed by the Senate, Minister for Revenue and Assistant Treasurer Helen Coonan said today.
Senator Coonan said the Parliament should pass this legislation and allow the Government to deliver on its pre-election commitments to making superannuation more attractive, accessible and secure.
"The Government has put together the most significant package of superannuation reforms in the past five years, and that package was put to the Australian people," Senator Coonan said.
"The Federal Government has a mandate to introduce these reforms. That is beyond doubt.
"As I have been saying for many years, the Senate is rightly a house of review, not a chamber where those who were not elected should attempt to set up an alternative government.
"Labor is acting opportunistically, trying to frustrate the Government's legislative program and prevent the Coalition from implementing policies that the ALP did not make a peep about prior to the election.
"The concessions that this Government already provides to superannuation as a form of savings are already worth in the order of 9.5 billion dollars this financial year.
"But we are not content to leave it at that. We want to do more."
Senator Coonan said the Government's superannuation package was designed to help those with the financial capacity to save for their own retirement as well as those who could not.
"We are introducing superannuation co-contributions for low income earners, which would see the Government paying up to $1000 a year directly into the superannuation accounts of low income earners to help improve their retirement savings," Senator Coonan said.
"Not only will this measure improve the level of savings for low income earners but it will provide greater incentives for Australians to save for their retirements when they are able.
"At the same time, as promised, the Government is moving to reduce the superannuation and termination payments surcharge rate from 15 per cent to 10.5 per cent over the next three years.
"This measure will encourage those who are financially able to make voluntary contributions to their superannuation savings and become more self-reliant in retirement."