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AIST blasts resources debate
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Australian Institute of Superannuation Trustees (AIST) president Gerard Noonan has blasted the “narrow and self-serving” arguments from the resources sector responding to the Government’s resources super profits tax and increase in the superannuation guarantee.
“It’s pretty disappointing to come back from overseas and to listen to the pretty sterile and low level debate about mining taxes,” he said.
“Just listening to that debate, in my view, some of the large and small fibs that the industry is putting around are very disappointing and in a lot of ways very childish.”
He added that the response from mining companies was reminiscent of the way large oil and tobacco companies around the world had tried to bully governments over the years, and was taking the focus away from the increase in the superannuation guarantee from 9 to 12 per cent.
“[The debate is] clearly crowding out the space for what I think is a major reform for Australia’s economic structure that hasn’t been given proper attention,” he said.
Noonan described the lifting of the guarantee as possibly the best idea the Government had put forth in 10 years. He said that while the 9 per cent guarantee had put Australia in a great economic position, the system was being impaired by not having taken that extra step.
With help from a 2 per cent tax cut offered by the Government, business should be able to absorb the increase in the super guarantee over the next ten years. The end result will be that by 2020 Australia will have the world’s leading retirement income system, Noonan said.
“There’s no other country that goes near it and its something that is really worth doing,” he said.
AUTHOR
Mike Taylor
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