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27 April 2007

Labor Wants To Raid Your Future Savings

Labor is once again out to get its hands on your money to spend on their irresponsible political projects.

In a presentation to the ALP National Conference, Labor has indicated it plans to raid the superannuation funds of ordinary Australians to ‘finance’ their union-driven spending promises.

The Howard Government maintains that money in superannuation funds is your money and that you should decide how it is invested for your future.  It is not a slush fund for Labor and their union masters to pay for their political schemes.

This continues the pattern of Labor thieving Australia’s future savings:

  • In March, the Leader of the Opposition announced Labor would rip $4 billion out of the future fund in a public-private partnership.  Labor went further to indicate they would raid it again and again to pay for their spending promises. (Stephen Smith, doorstop 22/3/07)
  • In July 2000, Mark Latham came up with a proposal that education could also be funded by siphoning off superannuation funds. (Source: Speech by Mark Latham, “Unchain my Mind Forum”, Melbourne, 27/07/2000)
  • Labor’s then leader Simon Crean added in November 2002 that people’s savings should be diverted into building and managing housing. (Source: Simon Crean, Speech to the National General Assembly of Local Government, 4/11/2002)
  • Labor’s Shadow Small Business spokesman Craig Emerson said in 2002 that “Labor could consider seed funding for the establishment of regional investment vehicles into which the superannuation funds were channelled.” (Source: Craig Emerson: Speech “Thriving Industries in an Innovative Australia” 30/09/2002)

On top of this, union boss and Labor Senator in waiting, Doug Cameron along with a range of other union bosses want to re-introduce the 15% tax on superannuation end benefits.

While the Howard Government has helped people save for their future, and paid off Labor’s $96 billion debt, the unions and Labor plan to recklessly spend your savings on their own political schemes.

Australians can not risk our future prosperity on a union controlled Labor.