The Super Members Council (SMC) congratulates the new Shadow Ministry and looks forward to working with the Opposition's economic team to strengthen the retirements of millions of everyday Australians.
SMC congratulates Shadow Treasurer Ted O'Brien, Shadow Finance Minister James Paterson and Shadow Assistant Treasurer Pat Conaghan on their key appointments. We look forward to working with all of them on super policy.
When last in Government, the Coalition introduced a performance test in super that has helped to keep investment returns high and fees low for super fund members. It also legislated so workers who earn less than $450-a-month would be guaranteed super.
In this term, we will seek clear commitments from the Coalition to the key principles that keep super strong for millions of Australians – universality, compulsion and preservation (which means super is kept for retirement and not withdrawn early for other purposes).
We will also seek its support for crucial pieces of legislation we have advocated - such as payday super laws, lifting the Low-Income Super Tax Offset for 1.2 million people, and swift passage of financial advice reforms to help Australians to plan for retirement with more confidence.
In previous commitments made to the Super Members Council, the Coalition parties had said: "The Coalition is strongly committed to the role of superannuation in our retirement system. It plays an important role in the economy and it's critical to the lives of Australians."
SMC is also pushing to end age-based discrimination in super by axing an outdated law that excludes most under-18-year-old workers from being paid super from the first hour of their first job.
SMC also urges the Coalition to now drop its twice-rejected past policy to withdraw super for house deposits, which countless respected economists say would just push up house prices, make Australians poorer in retirement and hand a bigger age pension bill to all taxpayers.
A key study by leading housing economist University of South Australia Professor Chris Leishman found the policy could hike house prices by up to 10.3%, pricing more young Australians out of the housing market.
We look forward to working closely and constructively with the new economic team to keep super strong for Australians.
Super Members Council CEO Misha Schubert said:
"We congratulate the new Shadow Ministry on their appointments and welcome the opportunity to work with the Coalition to further strengthen our nation's world-class super system."
"Australians love their super – and we look forward to engaging on key policy settings to ensure millions of everyday Australians can have a stronger and more secure retirement."
The opinions above are those of the author in their capacity as spokesperson for Super Members Council (SMC). SMC, the authors and all other persons involved in the preparation of this information are thereby not giving legal, financial or professional advice for individual persons or organisations.
