This budget confirms what we knew to be true – that Liberals can’t be trusted to protect superannuation.
The First Home Super Saver Scheme will do nothing to address housing affordability but will work to undermine Australia’s world class superannuation system and Labor will not support it.
Rather than encouraging a raid on superannuation savings the Government should be supporting first home buyers by introducing policies that will actually work – reforming negative gearing and capital gains tax concessions.
Malcolm Turnbull and Scott Morrison are also planning to water down consumer protections in super through this budget.
The proposed new Australian Financial Complaints Authority will actually deliver lower protections for people who have a dispute with their superannuation fund than under the current arrangements. This is something we will be looking at very closely
It’s disappointing that this budget didn’t do anything to stand up for the thousands of people who are not getting paid their super by their employers, which is costing around one in three Australians up to $1500 a year.
With more than $2 trillion in superannuation assets under management its vital that we get the policy settings right. This budget doesn't do that.
The Liberals cannot be trusted on superannuation. Labor created super and we will always work to protect it.
WEDNESDAY, 10 MAY 2017
This is a joint media release with Labor's Shadow Treasurer Chris Bowen MP.