Retirement
Jones calls to end the war on super
Shadow finance minister Stephen Jones has called on the government to “put down the weapons” and stop trying to kneecap the superannuation guarantee.
Jones calls to end the war on super
Shadow finance minister Stephen Jones has called on the government to “put down the weapons” and stop trying to kneecap the superannuation guarantee.
In a speech to the Chifley Research Centre, Mr Jones accused Prime Minister Scott Morrison of trying to convert superannuation savings into “[de facto] bank accounts”, destroying the ability of super funds to make long-term investments and “nobbling” super growth by cancelling legislated rates.
Mr Jones’ speech comes as Liberal senator Andrew Bragg releases his book on how to fix superannuation, which would give superannuation “drastic surgery”.
The book includes suggestions on opening the system for Australians to use as a means to buying their first home, setting up a national “future fund” as well as shared retirement funds for families.
“The war against universal superannuation is real,” Mr Jones said. “By storm or by stealth, the objective is to destroy that part of our economy which has done so much to see us through the worst of the crisis and is critical to building our future.
“Make no mistake, if the opponents of universal super win, the consequence will be the destruction of jobs, the crippling of economic growth, an increase in taxes and a less secure future.
“The Prime Minister’s inability to subdue the wreckers in his own ranks puts us all at risk.”
Mr Jones warned that the government’s repeated attacks on the superannuation guarantee will lead to “higher taxes, lower productivity, fewer jobs and a bleak future for retirees”.
“Inequality will grow with a monstrous distortion of existing tax concessions,” Mr Jones said. “The wealthiest 1 per cent of Australians who already receive twice as much taxpayer support for their retirement income as the poorest 10 per cent will continue to do so.
“Meanwhile, the taxes paid by waiters, childcare workers, truck drivers and shop assistants will be subsidising the superannuation of the wealthy.”
Mr Jones also warned that Australia would need a strong and stable superannuation system with a mandate to invest in infrastructure and create jobs in order to bolster the economic recovery.
“If Scott Morrison is genuine about putting down the weapons, he should start with the war on superannuation,” Mr Jones said. “If he does this, we can rebound faster and better because a stronger superannuation sector means more jobs and a stronger economic future for all Australians.”
Did you enjoy this article? You may also be interested in:
- Is now the ideal time to top up your superannuation?
- Superannuation takes $230bn hit
- Members can speak to their accountant for superannuation advice
RELATED ARTICLES
About the author
About the author
Superannuation
Actuaries propose three-tier superannuation tax reform
The Actuaries Institute has outlined major reforms to Australia's $4.1 trillion superannuation system, proposing uniform tax rates and new levies on high retirement withdrawals. Read more
Superannuation
Survey reveals Australians' reliance on superannuation for retirement
A new survey by AustralianSuper has found that only 32% of Australians believe they could save for retirement without compulsory superannuation. Read more
Superannuation
AMP launches national campaign to boost super engagement
AMP has unveiled a new national advertising campaign aimed at encouraging Australians to engage more actively with their superannuation. Read more
Superannuation
AustralianSuper urges action on gender pay gap for Equal Pay Day
AustralianSuper, Australia's largest superannuation fund, is calling for increased focus on the gender pay gap and its long-term impacts on women's retirement savings this Equal Pay Day, August 19. Read more
Superannuation
AMP advisers focus on super contributions and home ownership queries
Financial advisers are prioritizing assistance with superannuation contributions, transfer balance caps, death benefits, and home ownership issues, according to recent data from AMP Advice. Read more
Superannuation
Aware Super reports strong 11.02% return for flagship investment option
Aware Super, one of Australia's largest superannuation funds, has announced an 11.02% return for its High Growth accumulation option in the 2024 financial year. Read more
Superannuation
Retirement savings strategies: How to boost your superannuation
Superannuation is a pivotal part of retirement planning in Australia, offering a tax-effective way to save for your later years. As you navigate through your working life, enhancing your ...Read more
Superannuation
Aware Super takes on Australia's gender retirement gap, aiming for financial equality
Aware Super, one of Australia's largest superannuation funds with a 70 per cent female membership, is on a mission to close the gender gap that sees women retire with 30 per cent less super than men ...Read more
Superannuation
Actuaries propose three-tier superannuation tax reform
The Actuaries Institute has outlined major reforms to Australia's $4.1 trillion superannuation system, proposing uniform tax rates and new levies on high retirement withdrawals. Read more
Superannuation
Survey reveals Australians' reliance on superannuation for retirement
A new survey by AustralianSuper has found that only 32% of Australians believe they could save for retirement without compulsory superannuation. Read more
Superannuation
AMP launches national campaign to boost super engagement
AMP has unveiled a new national advertising campaign aimed at encouraging Australians to engage more actively with their superannuation. Read more
Superannuation
AustralianSuper urges action on gender pay gap for Equal Pay Day
AustralianSuper, Australia's largest superannuation fund, is calling for increased focus on the gender pay gap and its long-term impacts on women's retirement savings this Equal Pay Day, August 19. Read more
Superannuation
AMP advisers focus on super contributions and home ownership queries
Financial advisers are prioritizing assistance with superannuation contributions, transfer balance caps, death benefits, and home ownership issues, according to recent data from AMP Advice. Read more
Superannuation
Aware Super reports strong 11.02% return for flagship investment option
Aware Super, one of Australia's largest superannuation funds, has announced an 11.02% return for its High Growth accumulation option in the 2024 financial year. Read more
Superannuation
Retirement savings strategies: How to boost your superannuation
Superannuation is a pivotal part of retirement planning in Australia, offering a tax-effective way to save for your later years. As you navigate through your working life, enhancing your ...Read more
Superannuation
Aware Super takes on Australia's gender retirement gap, aiming for financial equality
Aware Super, one of Australia's largest superannuation funds with a 70 per cent female membership, is on a mission to close the gender gap that sees women retire with 30 per cent less super than men ...Read more
