Assistant Treasurer Bill Shorten has thrown down the gauntlet to the coalition on the Superannuation Guarantee (SG), saying it’s time to get specific if it truly supports superannuation.
Shadow Treasurer Joe Hockey told the House of Representatives yesterday the coalition supports superannuation, according to a statement from Shorten’s office.
“If you really support superannuation Mr Hockey what are you going to do to increase every Australian worker’s superannuation savings,” Shorten said.
“Do you support the Gillard government’s plans to lift the universal Superannuation Guarantee from 9 to 12 percent?”
Shorten’s statement is the latest development in the war of words between the two parties.
About three weeks ago, Hockey told InvestorDaily associate publication Investor Weekly the introduction of a carbon tax strengthened the case for keeping the SG at 9 per cent. Hockey’s comments came about a month after Prime Minister Julia Gillard’s unveiled the Labor government’s proposed tax on carbon emissions.
However, Shorten had more questions, including whether the coalition supported an increase in concessional caps for people over the age of 50, a move he said would allow people to boost retirement savings without incurring excess contributions tax. He also asked whether the coalition supports giving 3.5 million Australians on incomes under $37,000 more superannuation by refunding their contributions tax. He said 60 per cent of beneficiaries of the measure are women.
“And given the profits of Australia’s biggest resource companies, why won’t you support a [mining tax] that helps fund an increase in retirement savings of 8.4 million Australians – including 55,300 in your own electorate of North Sydney?
“If the coalition ‘strongly supports superannuation’, it’s time for these questions to be answered,” Shorten said, adding he was prepared to tell every lower house member how many people in their electorate would benefit from a lift in the SG to 12pc.
He added that the coalition had repeatedly said it would provide a response to the Henry Review recommendations on superannuation and release a retirement savings policy.
“It is now well over a year since the Henry Review was released.”
