The Howard Government has contributed over $745 million into the superannuation accounts of Victorian workers over the first three years of the Government’s Super Co‑contribution scheme, Minister for Revenue and Assistant Treasurer, Peter Dutton, announced today.
“This excellent result has been made possible by the Government’s doubling of Super Co‑contribution entitlements for the 2005-06 financial year, as announced in the 2007 Budget,” Mr Dutton said.
“People whose superannuation funds have received this extra co-contribution will be informed over the coming weeks. To date extra payments totalling over $220 million have been made for over 260,000 people in Victoria who made personal super contributions during 2005-06.”
Mr Dutton said was important for workers in Victoria to realise that these improvements to superannuation returns didn’t just ‘happen’. They have come as the result of strong economic management by the Howard Government.
“It is very important for all Australians to realise that if Labor is elected they will allow the economy to go backwards and workers superannuation savings will suffer. Labor and their union bosses will run the economy just like they did last time.”
“This will directly cripple the ability of workers in Victoria to save for their retirement,” Mr Dutton said.
The Tax Office will make further payments as people continue to lodge their 2005/06 tax returns and their co-contribution is calculated.