Labor says the Coalition superannuation policies are “unravelling”.
ALP Shadow Minister for Financial Services and Superannuation, Jim Chalmers, said: “Scott Morrison’s ill-considered superannuation policies are unravelling in dramatic fashion.”
“Many Australians are deeply concerned about the impact the Liberals’ Budget will have on their hard-earned super – not to mention the retirement incomes system more generally.”
“The Liberals can’t agree on their superannuation change, and the divisions are getting ugly.”
“Scott Morrison is misleading people about its retrospectivity, while Malcolm Turnbull and Julie Bishop can’t seem to agree whether there’ll be changes at all.”
“All the while, staunch Liberals are baying for blood.”
Related article: Coalition risks losing votes over super policies: Roy Morgan
Polling on the Budget has been mixed – with one poll pointing to 62% support for the $1.6 million Transfer Balance cap announced in the Budget. Another indicates only 38% support the measure, with only 33% support for the $500,000 lifetime Non-Concessional contributions cap.
“But it gets worse. Now, senior Liberal figures are lining up to pour scorn on the changes. It’s every bit an open revolt,” said Mr Chalmers, referring to comments by Peter Costello and Peta Credlin.
“Even former Liberal treasurer Peter Costello has delivered a stinging rebuke of Malcolm Turnbull and Scott Morrison’s doomed policy.”
“When Peter Costello himself takes aim at the Liberal treasurer, you know there’s something wrong.”
“Scott Morrison needs to own up and face the facts: his superannuation changes are retrospective, and poorly thought through.”
“Australia is lucky to have one of the best retirement income systems in the world. The message to the Liberals is clear: don’t ruin it.”
“The more the Liberals talk about their superannuation plans, the messier it becomes, and the more concerned Australians get.”
“Labor wants to address poorly-targeted superannuation tax concessions at the top end. But, unlike the Liberals, we won’t be acting with reckless abandon, and we won’t act without due consultation first.”
The ALP have committed to taxing pension-phase superannuation fund income above $75,000 per individual at 15%. This is very similar to a policy announced, but not implemented, when Labor was last in Government. Administrative issues with the policy are likely to be an issue in any consultation.