As retirement savings hit $1.6 trillion, Abbott looks to cut super

Media Release. May 23, 2013

The Minister for Superannuation and Financial Services Bill Shorten, has today welcomed news that Australians’ superannuation savings have reached $1.6 trillion and experienced double‑digit growth over the year to 31 March 2013.
 This data highlights the positive growth in Australians’ retirement savings in the aftermath of the Global Financial Crisis.  It also highlights the value of superannuation, not just to retirees but to our national economy over the long term.
 It is time the Liberal Party accepted that superannuation, a Labor creation, is now a foundation stone of a strong Australian economy and abandon plans to rip $4 billion from the retirement savings of hard working Australians.
Tony Abbott and the Liberal Party have consistently opposed, firstly the creation of superannuation, and then every increase to the compulsory superannuation contribution.

“Compulsory superannuation is one of the biggest con jobs ever foisted by government on the Australian people.”

TONY ABBOTT

HOUSE OF REPRESENTATIVES

25 SEPTEMBER 1995

“We have always as a Coalition been against compulsory superannuation increases.”

TONY ABBOTT

PRESS CONFERENCE

23 MARCH 2012

Clearly, under an Abbott Liberal government the compulsory superannuation contribution, which around 8.4 million hard working Australians rely on, will never reach 12 per cent.
 Tony Abbott will also cut the Low Income Superannuation Contribution which is delivering up to $500 extra to the superannuation account of every Australian earning $37,000 or less a year.
This will cut the retirement savings of almost 3.6 million Australians, including 2.2 million Australian women working in low paid or part time jobs.
Superannuation contributes significantly to national savings, employment, financial stability and economic growth and takes the pressure off the Age Pension.
The news today that superannuation savings have reached $1.6 trillion makes Tony Abbott’s proposed cuts all the more destructive.
 The Liberal Party’s policy to deny hard working Australians more superannuation shows how short-sighted and shallow their plans for the country are.
 Tony Abbott’s plan to make low income earners in particular worse off in retirement shows that he is just not up to the job of Prime Minister.
 The choice at the next election couldn’t be clearer.
 The Gillard Labor Government is boosting the superannuation of hard working Australians.
 Labor’s plan to increase the Super Guarantee from 9 to 12 per cent will mean an extra $127,000 in retirement for a 30 year old today, earning average annual wage.
 Labor’s plan will mean a boost to superannuation of a further $500 billion by 2037.
 Tony Abbott’s only plan for hard working Australians is to cut their superannuation to the bone.