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STEPHEN JONES MP
SHADOW ASSISTANT TREASURER
SHADOW MINISTER FOR FINANCIAL SERVICES
MEMBER FOR WHITLAM

New APRA figures released today reveal that for the first time since compulsory superannuation was introduced three decades ago, quarterly net contributions to super accounts were negative.

This new record makes the long-promised, legislated, and overdue Superannuation Guarantee increase more important, not less.

The Morrison Government’s lack of a plan for jobs and the recovery has already forced millions of anxious Australians to raid $33 billion of their hard-earned retirement savings.

Now more than ever Australians need help to rebuild their superannuation balances.

The Liberals created the Retirement Income Review as a stalking horse for more cuts to the pension and further delays to the legislated increase in the Superannuation Guarantee to 12 per cent.

The Government must immediately release the Review that they received over a month ago.

The Liberals have tried time and time again to gut the incomes of retirees by cutting the pension, trying to increase the pension age to 70, and opposing every increase to the Superannuation Guarantee.

Super is going to be critical to the economic recovery with its $3 trillion pool of funds key to investing in infrastructure and business, providing much needed stimulus and jobs for the Australian economy.

Labor created our world-class superannuation system and we’ll always fight to protect it.

TUESDAY, 25 AUGUST 2020