Bill's Media Releases

ABBOTT CUTS SUPER TO THE BONE

Every Australian worker with superannuation will have their retirement savings cut by Tony Abbott.

Tony Abbott will cut the retirement savings of 8.4 million working Australians and cut even further the superannuation of 3.6 million low income earners.

A Liberal government won’t just delay the increase in compulsory superannuation contributions, they will scrap it completely.

The Liberal Party opposed the creation of super and has opposed every increase in the compulsory superannuation contribution legislated by Labor governments.

Tony Abbott believes superannuation is a ‘con job’ and if he is elected Prime Minister, super will stay at 9.25 per cent.

Compulsory superannuation contributions will never reach 12 per cent under a Liberal Government.

This is a raid on the future of 8.4 million working Australians.

Labor created super and is the only political party interested in growing the retirement savings of hard working Australians.

The Gillard Government is boosting the superannuation of hard working Australians by increasing the compulsory contribution from 9 per cent to 12 per cent starting 1 July 2013.

Under Labor, a person aged 30 today on average full-time earnings will retire with an extra $127,000 in superannuation savings.

Under the Liberal’s plan to delay the superannuation guarantee, that same 30 year old will retire with $20,000 less in retirement savings.

Tony Abbott’s only plan for hard working Australians is to cut their retirement savings.

Tony Abbott will also cut the Low Income Superannuation Contribution which delivers up to $500 extra to those earning up to $37,000 a year.

This will cut the retirement savings of almost 3.6 million Australians, including 2.2 million Australian women.

This is an incredibly short-sighted move by Tony Abbott that shows that he is just not up to the job of Prime Minister.

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

Superannuation in Australia today is worth about $1.5 trillion and under Labor will be boosted by a further $500 billion by 2037.