STEPHEN JONES MP
SHADOW ASSISTANT TREASURER
SHADOW MINISTER FOR FINANCIAL SERVICES
MEMBER FOR WHITLAM
We read today about another sneaky attack on superannuation as Josh Frydenberg asks the Australian Securities and Investments Commission to monitor and if necessary insist on changes to fund material designed to inform members of the cost of reducing their balances.
The Morrison Government shouldn’t be trying to silence warranted criticism of its flawed and dangerous plan to encourage and expand early access to super, which is bad for workers, for funds and for a super system which is the envy of the world.
This is the thin end of the wedge as the Government gears up to undermine other aspects of the super system including the legislated Superannuation Guarantee increase to 12 per cent and even the compulsory nature of the system itself.
Super is going to be critical to the economic recovery with its pool of funds key to investing in infrastructure and business, providing much needed stimulus for the Australian economy.
With all the serious challenges confronting the economy right now it beggars belief that the Treasurer is focused instead on interfering overtly, and politically, with the administration of funds by trustees and with the provision of information to members.
Has he ever asked the corporate regulator to monitor banks’ advertising in this same way, or tried to curtail them expressing a view on policy and impacts on customers?
The Morrison Government shouldn’t be using this crisis as an excuse to escalate its decades-long ideological war against super in general and industry super in particular.
The nation would be better served if Josh Frydenberg spent his time addressing the gaps in the JobKeeper scheme and saving thousands of jobs at Virgin, not looking for a tickle on the tummy from the extreme elements in his Party who want to diminish, or destroy, super.