Australia's financial services political leaders have engaged in a tit-for-tat display on social media over allegations the government is set to bring the axe down on the country's superannuation system.
Yesterday, opposition assistant treasury spokesman Mathias Cormann fired a number of barbs at the Labor faithful in response to media reports that the Gillard Government plans to target Australia's $1.4 trillion retirement saving system with higher taxes. Cormann's first barb was released on his twitter page and aimed squarely at Deputy Prime Minister and Treasurer Wayne Swan, before also attacking Shorten.
"Wayne Swan seems to think he can use Australians' super as his ATM to fund Labor's reckless spending. Bill Shorten seems too weak to resist!" Cormann tweeted.
Cormann followed shortly with a second post, this time offering a direct dig at the Minister.
"Is Bill Shorten strong enough to stand up for Australians saving to achieve self-funded retirement [and] protect them from more Swan tax grabs?"
In responding to Cormann's tweets, Shorten also took to the social media platform, tweeting: "Pot, kettle. Only tax grab is you raising tax on super by $500 for 1 in 3 workers, as you couldn't stand up to big miners."
Earlier yesterday, Cormann released a lengthy statement calling on Shorten to speak out and "rule out further Labor Party tax grabs" targeting Australians' retirement savings.
"Given Labor has been able to rule out certain things, they should be able to rule out yet another Labor Party tax grab targeting Australian super savers working towards achieving self-funded retirement," Cormann said.
"Every time Labor increases taxes on Australian super savers they reduce the incentive for them to do the right thing by saving towards achieving a self-funded retirement."
Cormann said the latest tax grab comes on top of previous tax increases targeting those Australians saving for their retirement, "such as Labor's dramatic reduction in concessional contribution caps down from $50,000 and $100,000 to $25,000 and savage cutbacks to the successful and popular co-contribution scheme which was introduced by the Howard Coalition government".
News of potential budgetary attack on Australia's super savings also prompted a number of senior members of the financial services industry to use social media to voice their strong objections.
"Short term view of super will have long term implications - must consider long term impact of budgetary changes in super, Institute of Chartered Accountants in Australia (ICAA) head of superannuation Liz Westover tweeted.
Westover's tweet gained support from FPA general manager of policy and government relations Dante De Gori, with De Gori replying: "Couldn't agree more! We need to rebuild consumer confidence in the super system. not continue to destroy it!"
Yesterday, InvestorDaily's sister publication, Investor Weekly, reported on the latest data from the Organisation for Economic Co-operation and Development (OECD) which found Australian pension funds achieved the third best investment performance among countries as the average rate of return slumps.
Australia achieved a real rate of return in local currency and after investment management expenses of 4.1 per cent between December 2010 and 2011.
