19 November 2007

Labor Ties itself up Over Superannunation

This morning on Sunrise Labor’s treasury spokesperson Wayne Swan contradicted himself over Labor plans to use private superannuation.


Will you guarantee not to direct superannuation…?


I will guarantee not to direct superannuation.

But six days ago Mr Swan told the West Australian newspaper that Labor intended to direct private superannuation into private/public partnerships:-

Mr Swan also said Labor intended to push superannuation funds to invest in private public partnerships in infrastructure. "We've got a huge pool of super funds in this country, some of those funds are going offshore disproportionate to the wishes of their trustees because they can't get enough projects on the drawing board to invest in," he said. "We've got to make sure we make greater use of the saving pool of Australian workers to invest in projects which Australian workers will indeed work on." (West Australian, 13 November 2007)

Like rats eyeing off the grain silo, Labor is looking at using people’s retirement savings for it’s own pet projects.

Labor also proposes to raid the Future Fund for its own pet projects.This puts at risk the security and the return of people’s retirement savings.