Labor and coalition swap insults on super

Written By Unknown on Sabtu, 06 April 2013 | 15.02

LABOR and the coalition are exchanging insults over planned changes to superannuation, with Tony Abbott saying there's no promise the government won't break.

In turn, Prime Minister Julia Gillard rounded on the opposition leader, saying his comparison of the government's superannuation plan with the economic crisis on Cyprus shows just how unfit he is on economic matters.

Former Howard government treasurer Peter Costello has also entered the fray.

Mr Costello, a consultant at the Boao Forum for Asia, which Ms Gillard is attending, says Labor's constant tinkering on superannuation, along with the mining tax and arbitrary intervention on investments, is worrying potential foreign investors.

In a move to end damaging pre-budget speculation, the government announced a series of superannuation reforms on Friday.

The key change imposes a 15 per cent tax on superannuation earnings over $100,000, a measure likely to affect some 16,000 high income earners.

The coalition says this is a raid on people's funds, while the Greens say it hasn't gone far enough.

Federal Superannuation Minister Bill Shorten said the changes had been well received across the superannuation industry.

"It's not a cash grab because any analysis of the budget numbers shows that the initiative is not bringing savings to the budget in the short term," he told journalists in Melbourne.

In Brisbane, Mr Abbott said the government had broken two earlier promises on superannuation - never to tax payments of those over 60 and undertaking to lift the concessionary contributions cap to $50,000.

"You just can't trust this government. There is nothing that they say, no commitment that they make that they won't break when it suits them," he said.

But he wasn't committing a coalition government to any particular superannuation measure just yet.

"Well, what we will do is make no unexpected adverse changes to superannuation. What we are saying is that we want to make it easier for people to invest in their retirement and we will do that but we will do that in a responsible way," he said.

Ms Gillard seized on a statement Mr Abbott made on Friday.

"Every time a government raids people's funds, there are shades of Cyprus about it," he told a community round table in Melbourne.

Ms Gillard, said this was a crazy statement that no person of reason could make.

She said the situation in Cyprus was a genuine moment of economic crisis.

"And to toy with that as if it is a political slogan is a grossly unacceptable thing to do," she said.

Mr Costello said Labor was actually raising very little revenue from these changes.

"Labor has been in office for five years. They are desperate for money. They are hungry for money. They go looking for the pot of gold. They see the pot of gold - superannuation. They create massive uncertainty. And what do they take out of it - two copper coins," he told Sky News.

Treasurer Wayne Swan dismissed criticism of the plan.

"It appears that some vested interests and newspapers are more concerned about what is happening with a very small number of very wealthy people who have millions of dollars in their superannuation accounts than they are with the superannuation savings of millions of Australian workers," told reporters in Mackay, Queensland.


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