Media Releases

Treasurer refuses to rule out superannuation cuts

July 14, 2019

Josh Frydenberg has today refused to guarantee the Government won’t cut workers’ superannuation, paving the way to cave in to backbench pressure to attack retirement incomes.
The Treasurer was given five separate opportunities this morning to rule out axing the scheduled increase in the Superannuation Guarantee to 12 per cent, but refused.
When asked point-blank whether he could guarantee the increase would remain in place, he responded:
“Well like I said, we have no plans to change it and it's already legislated.”
(Josh Frydenberg, ABC Insiders, 14 July 2019)
These weasel words from Josh Frydenberg are not good enough – especially in the wake of the campaign from Coalition backbenchers to axe the scheduled increase.
The Government is clearly gearing up for another attack on workers’ retirement savings.
The Liberals have a long track record of winding back legislated superannuation increases. John Howard scrapped them, Labor reintroduced them, Tony Abbott’s attempts were blocked in the Senate, and now the Morrison Goverment is at it again.
The Liberals have tried to undermine superannuation at every turn, and this is more of the same.
Labor created our world-leading superannuation system, and we’ll always fight to protect it.