Super gaffe from Assistant Treasurer

11 November 2015

The Assistant Treasurer is so distracted by her ideological obsessions against representative superannuation boards that she can’t even get the basic facts straight.

When asked about tax breaks at the top end of the superannuation system, the Assistant Treasurer said:

“This idea that people can amass multi-millions of dollars in their superannuation funds is just simply not correct, it's simply not correct to say that.”

Figures published by the Association of Superannuation Funds of Australia in April this year reveal how completely wrong she is.

More than 200,000 people have superannuation balances in excess of $1 million, half of those have more than $2 million in superannuation, and there are 475 people with account balances over $10 million.

The fact is that 38 per cent of superannuation tax concessions go to the top ten per cent of income earners.

It’s not too much to ask the Assistant Treasurer to be across basic details like this.

The Assistant Treasurer should spend more time getting across the details of her portfolio and less time on ideological rants which do nothing to improve the super system in this country.