The office of Bill Shorten says the Government will not offer tax relief or subsidies for funds that will have to implement proposed superannuation changes.
“We don’t think the Government should provide compensation for reforms that improve industry productivity and provide a better deal for members,” says an email from the office of the Minister for Financial Services and Superannuation.
Michelle Griffiths, chief executive of AvSuper, says that proposed superannuation changes will add costs to funds. She questions whether “considerable savings” will occur as a result of Shorten’s new initiatives.
Shorten says a 30-year-old male worker, earning $68,000 a year, can bolster their retirement savings by $40,000 under his proposals.
However, Julie Lander, chief executive of CareSuper, says: “It’s dangerous to say savings across the board will be that much.”
Shorten’s office says such savings “won’t be across the board”.
“Some will be more, some will be less, depending on the individual circumstances of each worker,” says Shorten’s office.
The Minister’s office says legislation on the superannuation changes and to bolster mandatory superannuation contributions to 12 per cent will be introduced during the spring session of Parliament.
