Labor must unveil the plans for superannuation before May budget

This article was last updated on April 16, 2022

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The Gillard government is been forced to unveil its plans for superannuation in time in order to clear any ambiguities and avoid repeating the chaos created by media reforms. Three of the important crossbenchers have said they need to know the exact details to have more clarity before the May budget.

Greens deputy leader Adam Bandt also said the government must put the details in the open and refrain from repeating the media reform debacle. According to Queensland MP Bob Katter, a prompt clarification would help correct the impression that the government has no idea where it is headed.

“Any proposals for consideration should be announced as quickly as possible,” said former speaker Peter Slipper.

On the other hand, Treasurer Wayne Swan has indicated that changes are still under discussion and the government will announce them as soon as there is something concrete to present. Finance Minister Penny Wong maintains that superannuation demands a long-term perspective. She is scheduled to address the topic in Adelaide on Thursday.

“Realities such as an ageing population and greater longevity require consistency, sustainability and fairness, and this government’s approach to superannuation will continue to be guided by these principles. To those who say we are out of step with previous Labor governments, I would say, ‘Look at the facts.’

“The Hawke and Keating governments reformed our social security system, making it more targeted and making space for higher priorities. Government’s budgets are finite, and always will be. And in the end it is the most vulnerable – those who need support to get ahead – that often lose out if we disregard fiscal sustainability.”