Bill's Media Releases

ABBOTT ATTACK ON LOW INCOME EARNERS SUPER

Tony Abbott will rip $4 billion from the superannuation accounts of around 3.6 million low income earners, including 2.2 million women.

A Liberal government will cut the Gillard Government’s Low Income Superannuation Contribution if elected on September 14.

This will rip $500 from the superannuation accounts of hard working Australians earning $37,000 or less each year.

Nationwide, 60 per cent of those hit by Tony Abbott’s cut to low income super are Australian working women, often working part-time while they look after a young child.

Five of the top ten electorates hit hardest by Tony Abbott’s cut to low income super are in Queensland and four are in Victoria.

Electorate            State               Total                           Women           Percentage

  1. Lalor                VIC                  34,600                         21,500            62%

  2. Holt                  VIC                  31,000                         19,100            62%

  3. Leichhardt       QLD                30,900                         18,400             60%

  4. Sydney            NSW               30,500                         15,700             51%

  5. Gorton             VIC                  29,400                         17,500             60%

  6. Moncrieff        QLD                29,000                         17,300              60%

  7. Rankin             QLD                28,300                         17,300             61%

  8. McEwen          VIC                  27,900                         18,000             65%

  9. Kennedy          QLD                27,000                         16,300             60%

  10. Dawson           QLD                26,500                         17,300             65%


 

This cut to the super of low income earners is on top of Tony Abbott’s plan to deny all hard working Australians greater retirement savings for the future.

The Super Guarantee will never reach 12 per cent under a Liberal government and an average 30 year old will be $127,000 worse off in their retirement.

The Liberal Party opposed the creation of Australia’s world class superannuation system and has never voted to increase the Super Guarantee.

Superannuation contributes significantly to national savings, employment, financial stability and economic growth and takes the pressure off the pension.

This attack on super is short-sighted and politically motivated – it shows that Tony Abbott is just not up to the job of Prime Minister.

MEDIA CONTACT: Sam Casey 0421 697 660

 

*Estimates are for individuals in 2010-11 who made deductible contributions and who had a taxable income less than $37,000. This historical population distribution approximates the 2012-13 geographic distribution, but it does not replicate the 2012-13 income distribution of individuals, the $18,200 tax threshold and data matching provisions for the LISC in 2012-13.