Senator Nick Sherry, Minister for Superannuation and Corporate Law, has questioned Opposition Leader Malcolm Turnbull's irresponsible idea that the Federal Government be called on to pay the 9% superannuation obligations of a range of businesses.
"Not only is the Opposition Leader, by opposing the Nation Building and Jobs Plan, condemning many more Australians to losing their jobs, their homes and their businesses, he is now showing his true colours as Budget vandal."
"Malcolm Turnbull has called on the Government to pay the superannuation obligations of a range of businesses, and of course he hasn't even tried to cost the idea. I can advise Mr Turnbull that the impact of his latest plan, if it was only for the next two years, would be a staggering $20.5 billion".
"If it ran across four years this dangerous policy would - as a single measure - cost $43 billion, larger than our entire package."
"The Opposition have claimed the Nation Building and Jobs Plan is too big, but if you add this new policy to the Oppositions $15 billion plan, their alternative is going to cost as much as $58 billion."
"On the one hand, Malcolm Turnbull is denying Australians immediate, timely and targeted action, whilst on the other he's proposing to recklessly add to the Budget deficit at a time when all spending needs to be focused on delivering jobs, economic activity and adding to growth."
"Under Mr Turnbull's plan, because of its sheer administrative complexity, it is almost impossible that any Government payment of superannuation could occur before the September quarter. Our economy needs a stimulus right now and we're acting decisively to deliver that."
"This plan also treats high-income earners no differently from those on low or middle range incomes. By comparison, the Rudd Government is acting now to provide the greatest assistance to those most at risk," said Minister Sherry.
Minister Emerson added: "It is also totally unclear how such a proposal would stimulate the economy, particularly in a targeted and immediate manner, which is what we need right now and is unlikely any benefits would be passed on as lower prices to consumers."
"By contrast the Rudd Government has already acted decisively to assist small business through a multi-billion package".
"About $2.7 billion in small business and general business tax breaks have been earmarked to boost business investment, stimulate economic activity and support jobs."
"Another $20.4 million has been allocated in 2008-09 for an up-front payment to farmers and rural dependant small business owners receiving exceptional circumstances related income support"
"Small businesses would also gain from increased infrastructure investment, building work through the school upgrades program and from installation of ceiling insulation in 2.7 million Australian homes," Minister Emerson said.