In the latest embarrassing development in the Government’s superannuation shambles, Scott Morrison is today expected to release draft legislation without any reference to significant elements of the reform package including the controversial $500,000 retrospective contributions cap that has been tearing the Government apart.
The Prime Minister has repeatedly claimed that these reforms are "iron-clad” and would be taken to the Parliament as they were announced in the budget.
If anything less than the full legislative superannuation reform package is released today it is a very public and humiliating admission that he and his Treasurer have completely lost control over these important reforms.
Australia's superannuation system is recognised as a world leader in providing for retirement incomes for older Australians and we cannot allow it to become a play thing for various members of the government to use as they wage their internal, divisive battles with each other.
Labor will engage constructively to implement super reforms which are fair, which assist with budget repair and which promote confidence in the superannuation system for the long term.
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 claimed by the Liberals but set to be undermined by their own infighting.
Malcolm Turnbull and Scott Morrison need to get back in charge, take control and release the full legislative package so that it can be considered as a whole. Anything less is yet another example of this Government being in office but not in power.
WEDNESDAY 7 SEPTEMBER, 2016
Senator Katy Gallagher is Labor's Shadow Minister for Small Business and Financial Services.