Australians will have the right to choose their own superannuation fund in 9 days, after 9 years of opposition from the Labor Party.
"From the first of July this year, around 5 million workers will be free to choose their own superannuation fund, rather than have it dictated by their employer," Assistant Treasurer, Mal Brough, said today.
The Coalition took its choice of superannuation fund policy to the Australian people in 1996. In 2004, 8 years later, the Labor Party lost the battle to deny Australian workers this basic right when the policy passed in the Senate.
"In all that time, the Labor Party has never offered a coherent policy on superannuation choice. Today we discover they'll wait till 2007, 11 years after the Government announced its choice initiative, to offer an alternative policy.
"The window of opportunity to choose where your superannuation is invested opens for the first time in 9 days. If Kim Beazley plans to close it, and rollback the Government's policy, this is the day to stand up and admit that to Australian workers and employers."
The Howard Government sees superannuation choice as the right for Australian workers. Just as they choose their own bank account and home loan provider, Australians should have a say in where their retirement nest egg is invested.
"In the first 28 days of July, employers will give eligible employees a 'standard choice form'. The form gives them the option of doing nothing - and staying with their employers' default fund - or choosing a different fund," Mal Brough said.
"If employees choose to do nothing during that time, they can make a choice at any time in the future."
Employees are limited to making one choice per year. For more information visit the Government's website, www.superchoice.gov.au or call the super choice hotline on 13 28 64.