Superannuation. Labor’s legacy

Only Labor stands up for the super of ordinary Australian workers.  We are proud superannuation is a Labor invention.

Millions of Australians will retire comfortably due to the superannuation guarantee introduced by Labor.

Most Western Australians don’t benefit from top mining boom salaries, which is why Labor understands the importance of building up superannuation to provide security in retirement for ordinary workers.

That’s why we’ve announced reforms that seek to enshrine fairness and sustainability in the super system for the future.

Labor has already undertaken to gradually raise the employer superannuation contribution from 9 to 12 per cent, because we know Australians are living longer and want to be comfortable in their retirement.

Under Labor’s reforms, the average 30 year old full-time worker will retire with an additional $118,000 in superannuation savings.

Recently we have announced further changes - retirees with super funds large enough to pay more than $100,000 each year in earnings will pay 15 cents tax on each dollar earned above that amount. This change will impact only those with balances greater than $2 million from July, 2014.

Labor’s plan will mean just 16,000 of our nation’s wealthiest will start to pay a fair amount of tax on their super. Compare this with Tony Abbott's plan to jack up super taxes on 3.6 million of the lowest paid workers, including 2.1 million women.

The Liberals' plan will hit 225 times the number of people as Labor's modest changes and will affect those doing it toughest.

Australia’s superannuation story is detailed in Treasurer Wayne Swan’s latest economic note which you can read here:   The Superannuation Story

As the Treasurer notes, Labor has introduced responsible and balanced changes that ensure sustainability and strength in the superannuation system well into the future.

Tony Abbott’s scaremongering on superannuation shows his disregard for the retirement savings of 3.6 million Australians.  We must get the facts out so people can hold him to account for his reckless treatment of superannuation.