Abbott Govt Promises on Superannuation 2013inal.pdf

1 The Coalition’s Policy for Superannuation The Coalition’s Policy for Superannuation September 2013 2 The Coalition’s Policy for Superannuation Key Points The Coalition is committed to Australia’s three-pillar retirement system: an aged pension as a safety net, a compulsory system of retirement saving through superannuation, and incentives for voluntary saving. We encourage as many Australians as possible to actively plan and save for their retirement, to take full advantage of the benefits the superannuation system provides and to work toward a self-funded retirement. Labor has increased taxation by almost $9 billion on Australians’ superannuation savings and removed many of the Howard Government’s positive changes. Labor’s raids on superannuation have made it difficult for Australians to plan for their future. Restoring stability and certainty to superannuation is a key part of the Coalition’s plan to build a strong and prosperous economy. To help Australians have confidence again in superannuation we pledge not to make any unexpected detrimental changes to superannuation. Our commitment to improving competition, corporate governance and transparency in the superannuation industry will increase confidence in superannuation and the willingness of Australians to make additional voluntary superannuation contributions. 3 The Coalition’s Policy for Superannuation Introduction The Coalition recognises the need to boost retirement savings as an important economic objective. The Rudd-Gillard Government is the biggest spending government in the nation’s history. They have delivered the five biggest Budget deficits in our history with more deficits forecast until after the next election. Australians have been forced to pay the price for Labor’s waste and economic mismanagement through higher taxes on their superannuation savings. We recognise that superannuation is an important part of our financial system and o