Like last night's left-overs, Kim Beazley has served up another 're-heated' dish of Mark Latham's old ideas on superannuation.
Rather than generating new ideas, Labor has dug up Mark Latham's old election policy announcements and repackaged them with the standard Kim Beazley waffle. It's nothing but a 're‑heated' announcement from a 're‑heated' Labor leader.
On Automatic Consolidation
This is 'reheated' policy from 2003. (First announced in November 2003 by Mark Latham and Nick Sherry).
The Government has already taken steps to reduce the number of lost accounts. The ATO is writing to 3 million individuals over three years to help reunite them with their lost superannuation.
Over time, choice of fund and portability offer the best way for Australians to stay in touch with their superannuation policies both opposed by Labor.
On Forecasts
This is 'reheated' policy from 2003. (First announced in November 2003 by Mark Latham and Nick Sherry).
Labor's forecasts would be complex to prepare, costly and have the potential to be completely misleading.
There is a significant array of superannuation funds with different benefit structures, fees structures, investment structures and returns.
A host of different assumptions and predictions would be required to prepare Labor's forecasts, which would make them very costly a cost which would inevitably be passed on to consumers.
Labor has missed out on the real issue providing incentives to enable individual Australians to save for the sort of retirement they desire.
On the Co-Contribution
Finally, Labor has abandoned its opposition to the Government's co-contribution scheme, which has delivered 1.51 million co-contribution entitlements worth approximately $1.046 billion to the superannuation funds of hard working Australians over the first two years of operation.
Will Kim Beazley also renounce Mark Latham's promise at the last election to reintroduce the superannuation surcharge?
On Choice of Fund
It is the height of hypocrisy for Kim Beazley to talk about 'real choice'.
The Coalition first took its choice of superannuation fund policy to the Australian people in 1996. It was opposed at every single step by Labor.
In 2004, 8 years later, the Coalition finally passed its superannuation choice policy with the support of the Democrats.
After 10 years of Labor's opposition to super choice Kim Beazley should come clean with the detail on where he stands on super choice.
No Substance, No Detail, No Costing
This announcement by Labor is 'classic' Kim Beazley. Broad statements made on a range of old ideas, with no details and no idea of how to pay for it and a simple note at the end saying, 'we'll tell you closer to the election'.
Australians simply can't afford Labor's 're-heated' approach to policy making, just like Australians can't afford Labor's 're-heated' leader.