Ending a week of speculation and bad press, the Federal Labor government today announced reforms to superannuation expected to be rolled in with the May budget.
Treasurer, Wayne Swan, and Minister for Financial Services and Superannuation, Bill Shorten announced the planned changes claiming they will make the superannuation system fairer.
Hidden in todays announcement, nestled amongst clever wording and low income superannuation contribution benefits you will find up to $1 billion worth of superannuation tax hikes to accompany the $8 billion already put forward by this government in the past 5 years.
Scott Buchholz, Federal Member for Wright, is furious with the Gillard governments poorly disguised revenue raising tactics.
I am determined to stop Julia Gillard from raiding the individual retirement savings of local residents, many of whom are self-funded retirees, as a way of trying to cover up her budget black hole,
The intentions of the government are clear, they are treating peoples savings like a piggy bank to fund their out of control spending.
Mr Buchholz went on to explain that the success of our superannuation system depends on reliability and certainty – continual changes undermine confidence in the system.
When people see the Government continually imposing new taxes on super they wonder if it’s even worth setting aside their hard-earned dollars into super. And that’s not a good thing for our nation.