Coalition meets with super stakeholders
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CANBERRA, Feb 13 AAP
February 13 2013, 1:45PM
Shadow treasurer Joe Hockey has met with senior representatives of the superannuation industry to reassure them about coalition policy and urge them to fight the government on tax changes.
Mr Hockey and shadow superannuation spokesman Senator Mathias Cormann held the meeting at Parliament House on Wednesday amid growing debate over how Labor and coalition policies will affect the $1.5 trillion retirement savings industry.
Labor has accused the coalition of threatening to reimpose tax on superannuation for low income earners, which the government has axed, and not being committed to raising the contribution rate from nine to 12 per cent.
The coalition says Labor is set to go after high-income superannuants to raise much-needed revenue for the federal budget.
Mr Hockey told the industry representatives the government was aiming to "attack superannuation for its much needed revenue" because of the budget holes caused by the mining and carbon taxes and major spending promises like the National Disability Insurance Scheme and schools funding.
"The government has laid the markers and they have said - at their own hand - that they are going to increase the tax on Australian retirement savings," he said, according to a copy of his remarks seen by AAP.
"Frankly, the battle is not just in the parliament, it has got to be outside the parliament.
"Every family needs to know the government is coming after their savings."
Mr Hockey reassured them the coalition was committed to the superannuation contribution rate rising from nine to 12 per cent.
The meeting was attended by representatives of the Financial Services Council, Association of Superannuation Funds of Australia, self-managed members of ASMA, the SMSF Owners' Alliance, Financial Planning Association, Industry Super Network and Rice & Warner Actuaries.