Abbott again promises ‘no adverse changes to superannuation’

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Prime Minister Tony Abbott, promise, no adverse or unexpected changes to superannuation Prime Minster Tony Abbott has again promised there will be no adverse and unexpected changes to superannuation in this term of government.

Speaking to the Australian Chamber of Commerce and Industry Luncheon in Sydney yesterday, Mr Abbott said:

And unlike Labor, we have no plans to increase taxes on superannuation and will honour our commitment not to make any adverse or unexpected changes to superannuation during this term.

This is not the first time this promise has been made. Prior to the last federal election the Liberal party superannuation policy document said:

To help Australians have confidence again in superannuation we pledge not to make any unexpected detrimental changes to superannuation.

ABC FactCheck says this promise, which Mr Abbott made at least 12 times during 2013, has been broken. The key issue was the decision to delay increases to the superannuation guarantee rate, as part of the Minerals Resource Rent Tax (MRRT) repeal. At each attempt to repeal the MRRT the superannuation guarantee rate was slowed further, seemingly to offset other promises. The super guarantee rate was set to reach 12% from 1 July 2019, but it now wont reach that level until July 2025.

Mr Abbott said this wasn’t a broken promise because:

There are no adverse changes as a result of this because, Madam Speaker, by delaying the increase in the superannuation guarantee levy, we are keeping more money in workers’ pockets.

Treasurer Joe Hockey recently said there will be no changes to superannuation in the next six months.

The Prime Minister told the Chamber of Commerce that the Government will “soon be responding to the Murray report [Financial System Inquiry] into our financial system.”

He also said the next Federal Budget, which will be released on the 12th of May, will be “responsible, measured and fair.”

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