The Australian Institute of Superannuation Trustees (AIST) has labelled the Coalition’s decision not to support the federal government’s low income super rebate as “disappointing”.
AIST chief executive Fiona Reynolds said the Opposition’s decision not to support the super measure will see more than 3.5 million Australians worse off in retirement.
“While the Coalition has been quick to criticise floated changes to super taxation concessions to very high income earners, they have no such concern for the lowest paid workers and their comfort in retirement,” she said in a statement.
The low income super contribution delivers up to $500 a year in extra super for individuals earning $37,000 or less, the institute said.
Ms Reynolds said the measure was an important equity measure and one that is of “great value”.
She highlighted that the Opposition had promised not to make any “negative” changes to superannuation in its first term, if elected later in the year.
“We hope that the Coalition’s commitment to not making any negative changes to super includes supporting the Future of Financial Advice Reforms, the productivity recommendations for default funds and maintaining the equal representative trustee system for not for profit funds, as all these measures benefit working Australians,” Ms Reynolds said.
