JIM CHALMERS MP
SHADOW TREASURER
MEMBER FOR RANKIN
 
STEPHEN JONES MP
SHADOW ASSISTANT TREASURER
SHADOW MINISTER FOR FINANCIAL SERVICES
MEMBER FOR WHITLAM


TREASURER FOLDS IN THE FACE OF BACKBENCH PRESSURE ON SUPER
 

This morning Josh Frydenberg made it clear that he is preparing to cave to backbench pressure on the Superannuation Guarantee increase, while praising the widely frauded and rorted early access super scheme as a “wonderful success”.
 
As always he’s putting the views of Liberal backbenchers ahead of the financial security of millions of Australian workers. 
 
In this Government the tail wags the Treasurer. 

Scott Morrison and Josh Frydenberg are laying the groundwork to break their election promise to safeguard Australians’ retirements despite recommitting to the SG increases multiple times since the election. 
 
Billions raided, rorted and stolen from super accounts will need more savings in the years ahead to repair them, not less.
 
For too many Australians who’ve seen their savings disappear or their accounts rorted and scammed, early access to super has been a diabolical failure not a “wonderful success”. 

The Liberals have opposed every increase in the Superannuation Guarantee since its inception, and after months of denials and delays they’re at it again.
 
The Morrison Government must immediately release the Retirement Income Review that it received more than a month ago.

The Liberals have tried time and time again to gut the incomes of retirees by cutting the pension, trying to increase the pension age to 70, and opposing every increase to the Superannuation Guarantee.

Super is going to be critical to the economic recovery with its $3 trillion pool of funds key to investing in infrastructure and business, providing much needed stimulus and jobs for the Australian economy.

Labor created our world-class superannuation system and we’ll always fight to protect it.