Malcolm Turnbull’s “iron clad” superannuation reforms, announced in this year’s budget, appear to have fallen off the list of legislative priorities to be introduced into parliament this week according to the list of Bills approved by the Coalition party room today.
These reforms, announced four months ago, are still to be ticked off by the Coalition party room, despite the Government talking tough about the need for urgent budget savings.
The delays are purely of the Government’s own making. The disunity within the Government ranks and Scott Morrison’s failure to finalise the draft legislation seriously throws into doubt the current timetable for reform.
Last week Labor offered Mr Turnbull a path out of his superannuation stuff up, but he has stubbornly refused to take it.
Labor’s plan delivers more budget savings than the Government’s without retrospectivity, improving the Budget by $238 million over the forward estimates and $4.4 billion over the medium term. This is above and beyond the savings delivered by the Liberals’ retrospective changes.
In addition, Labor will oppose three of the Government’s superannuation measures that actually cost the Budget $1.5 billion over the forward estimates and $14.7 billion over the decade. This is not affordable in the current climate.
Winding back generous super tax concessions for high income earners is important reform and Labor is up for getting it done.
It's time for the PM to bring his superannuation reforms to the Parliament. Failure to do so will undermine confidence in the superannuation system, push out much needed reforms for another year and blow a hole in the budget savings that the Treasurer has already booked.
MONDAY, 29 AUGUST 2016
Senator Katy Gallagher is Labor's Shadow Minister for Small Business and Financial Services.