The Australian Labor Party is maintaining that a cut to the superannuation contribution tax remains firmly on its policy agenda, albeit subject to a review of costings.
A spokeswoman for the Opposition spokesman on Retirement Incomes, Senator Nick Sherry says suggestions by the Assistant Treasurer, Senator Helen Coonan that the ALP has abandoned the policy position are erroneous.
“While the policy position is certainly not set in concrete, it is definitely still on the agenda,” she says.
Senator Coonan used the Opposition’s failure to mention the proposed reduction in the superannuation contributions tax at the ALP national conference to argue that Labor had abandoned the policy.
“I note there was no reference in the Opposition leader, Mark Latham’s speech to the ALP National Conference to policies the Labor Party had to abandon because of its dodgy sums,” the Assistant Treasurer said.
“Despite being part of the lengthy debate about the Government’s superannuation reform package, the Opposition has only just realised you can’t make a cost ‘saving’ from money that is already out there benefiting Australian workers,” she said.
Referring to the Government’s own position, Coonan says it provides substantial tax concessions to superannuation — worth $11.2 billion in 2003-04 and the average Australian worker will have an estimated 40 per cent more in retirement by investing money in superannuation.
“The Government is supportive of the policies that can produce significant increases in retirement income, build the nation’s wealth and produce better retirement outcomes for Australian workers — policies such as the Government’s co-contribution scheme,” she says.
