11 May 2006

Beazley Must Commit to Super Reforms

In tonight's Budget Reply Kim Beazley must back the Coalition's plan to streamline and simplify superannuation, Minister for Revenue and Assistant Treasurer Peter Dutton said today.

Labor's 'super silence' since Budget night has been deafening, Mr Dutton said.

We've had two Budget press releases from Shadow Minister for Revenue Joel Fitzgibbon but not one mention of superannuation. There has been more silence from Shadow Treasurer Wayne Swan and Labor's Shadow Minister for Superannuation, Nick Sherry has said absolutely nothing.

Kim Beazley has also 'reserved his right' not to support the most dynamic reform of Australia's superannuation system in our nation's history, he said.

Over the past ten years, Labor has completely failed to develop a coherent retirement incomes policy. It's time for Labor to get off the fence and provide comprehensive backing to these reforms.

Mr Dutton said Labor's position in the past ten years has been a complete shambles.

  • Labor opposed the introduction of the superannuation surcharge, then opposed reducing the surcharge, then opposed abolishing it. Latham promised to increase the surcharge. Now they have a discussion paper suggesting they might not reintroduce it.
  • Labor promised to abolish the co-contribution scheme at the last election. Now they have up for discussion a proposal that outlines their criticism of the policy, only to suggest they might keep it.
  • Labor opposed super choice at every single step for nine years. It was only passed with the support of the Democrats. Labor's policy is split between opposing choice and supporting Safe Choice' for unions ie you can have the choice of funds your union thinks is safest for its political future.

Tonight Kim Beazley has the opportunity to back comprehensive reform that will deliver simpler, more streamlined superannuation, Mr Dutton said.

If he fails to do so, he is confirming that Labor is the party of higher superannuation taxes, lower incentives and smaller superannuation savings.

If he fails to do so, he is confirming his own weak leadership to the Australian people.