Directing small businesses to put their quarterly super returns through a Government clearing house will create unnecessary red tape and confusion for small businesses.
Significantly, submitting employees future savings into some sort of superannuation ‘mega bureaucracy’ would not only put a delay on income going into employees funds, but add thousands of dollars of administration fees to small business.
A Labor superannuation ‘mega bureaucracy’ would also unnecessarily double-up on services offered to small businesses through privately operated superannuation clearing houses which are already helping thousands of small businesses and have been doing so for many years.
Labor’s one and only idea on superannuation is just another attempt to bring small businesses under the control of union bosses.
Further, Labor has once again refused to explain who would actually pay for the establishment of this ‘mega bureaucracy’.
Budget night on Australian television, Wayne Swan said Labor would not touch the budget surplus (Wayne Swan, 7:30 Report, 08/05/07). So it would seem the only alternative is for Australian workers to fund this new bureaucracy from their super savings – yet another bite out of their nest eggs from Labor.