Jones calls to end the war on super

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June 10 2020
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Shadow finance minister Stephen Jones has called on the government to “put down the weapons” and stop trying to kneecap the superannuation guarantee.

In a speech to the Chifley Research Centre, Mr Jones accused Prime Minister Scott Morrison of trying to convert superannuation savings into “[de facto] bank accounts”, destroying the ability of super funds to make long-term investments and “nobbling” super growth by cancelling legislated rates.

Mr Jones’ speech comes as Liberal senator Andrew Bragg releases his book on how to fix superannuation, which would give superannuation “drastic surgery”.

The book includes suggestions on opening the system for Australians to use as a means to buying their first home, setting up a national “future fund” as well as shared retirement funds for families.

“The war against universal superannuation is real,” Mr Jones said. “By storm or by stealth, the objective is to destroy that part of our economy which has done so much to see us through the worst of the crisis and is critical to building our future.

“Make no mistake, if the opponents of universal super win, the consequence will be the destruction of jobs, the crippling of economic growth, an increase in taxes and a less secure future.

“The Prime Minister’s inability to subdue the wreckers in his own ranks puts us all at risk.”

Mr Jones warned that the government’s repeated attacks on the superannuation guarantee will lead to “higher taxes, lower productivity, fewer jobs and a bleak future for retirees”.

“Inequality will grow with a monstrous distortion of existing tax concessions,” Mr Jones said. “The wealthiest 1 per cent of Australians who already receive twice as much taxpayer support for their retirement income as the poorest 10 per cent will continue to do so.

“Meanwhile, the taxes paid by waiters, childcare workers, truck drivers and shop assistants will be subsidising the superannuation of the wealthy.”

Mr Jones also warned that Australia would need a strong and stable superannuation system with a mandate to invest in infrastructure and create jobs in order to bolster the economic recovery.

“If Scott Morrison is genuine about putting down the weapons, he should start with the war on superannuation,” Mr Jones said. “If he does this, we can rebound faster and better because a stronger superannuation sector means more jobs and a stronger economic future for all Australians.”

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About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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