Fletcher Says Bradfield Residents Need Certainty on Super

Paul Fletcher, Federal Member for Bradfield said the Coalition will restore certainty in superannuation by ruling out any negative, unforeseen changes to superannuation in the next term.

“The signs are very clear: the Gillard Government is planning superannuation tax increases in the May Budget and if Labor is re-elected, it will introduce more taxes on superannuation. 

“Just last week there were well sourced rumours that Labor planned to tax withdrawals from superannuation for those over 60 with balances above a certain level.

“While the Prime Minister finally ruled this out under Coalition questioning in Parliament, the government has conspicuously not denied reports that it is considering other changes – and in a press conference Superannuation Minister Bill Shorten refused to rule out changes to superannuation in the upcoming May budget.

“Labor has a $120 billion budget black hole – and it is obviously targeting super for more tax revenue.

 “Wayne Swan has already shown his willingness to increase tax on superannuation – regardless of the consequences for long term saving – having already increased super taxes by over $8 billion.  Last year he imposed a punitive new tax surcharge on superannuation contributions for high income Australians.

Mr Fletcher said the Coalition has made a clear commitment in its Real Solutions plan there will be no negative unexpected changes to superannuation in the next term.

“I call on the government to come clean about its plan for superannuation.  My concern is that Labor will say one thing before the election on super, and do another after the election – just like Julia Gillard did with the carbon tax.

Mr Fletcher said the government also needed to come clean about the low income superannuation contribution. 

“Labor claimed its low income superannuation contribution was part of ‘spreading the benefits’ of the mining tax – but with the mining tax having raised very little and the Budget continuing to languish in deficit, this superannuation benefit is  unsustainable.

Mr Fletcher said the Coalition would scrap the mining tax and any spending linked to the mining tax and that includes the low income superannuation contribution – the difference between the Coalition and Labor is that we are being upfront about it.

Mr Fletcher said Australians approaching retirement, retirees and indeed everyone receiving employer super wanted certainty and confidence in superannuation and the time had come for Labor to agree to no negative changes to superannuation in the next term.

“Restoring confidence in superannuation is part of the Coalition’s Plan to deliver a strong and prosperous economy”.