If Scott Morrison goes back on his commitment to the long-promised, legislated, and overdue Superannuation Guarantee increases it will be an attack on workers and their standard of living in retirement.
The last time the Liberals and Nationals froze the Superannuation Guarantee, wages growth didn’t pick up, we got record low wages growth instead.
Scott Morrison and Josh Frydenberg have repeatedly and emphatically ruled out any changes to the legislated Superannuation Guarantee.
The Liberals created the Retirement Income Review as a stalking horse for more cuts to the pension and further delays to the legislated increase in the Superannuation Guarantee to 12 per cent.
The Government must immediately release the Review that they received over three weeks ago.
Scott Morrison’s lack of a plan for jobs and the recovery has already forced millions of anxious Australians to raid $33 billion of their hard-earned retirement savings.
So far, more than 606,000 Australians have emptied their superannuation accounts. 494,000 of those are under 35 years of age.
Now more than ever Australians need the legislated increase in the Super Guarantee to help rebuild their retirement balances.
The Liberals have tried time and time again to gut the incomes of retirees by cutting the pension, trying to increase the pension age to 70, and opposing every increase to the Superannuation Guarantee.
Super is going to be critical to the economic recovery with its $3 trillion pool of funds key to investing in infrastructure and business, providing much needed stimulus and jobs for the Australian economy.
Labor created our world-class superannuation system and we’ll always fight to protect it.