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Rudd claims credit for funds management success

Labor is responsible for driving the Australian funds management and subsequent advice industries through its pioneering of universal superannuation, according to Prime Minister Kevin Rudd.

Responding to a question about superannuation policy on the ABC’s Q&A program last night, the prime minister said the success of the funds management and advice sector is proof of superannuation’s economic value.

"I won’t take a lecture from anybody as leader of the Labor Party on superannuation, we brought in universal super for everybody, it wasn’t around before,” Mr Rudd said.

“They said it would collapse the economy – it didn’t – it turned this country into the fourth biggest funds management industry in the world from which a whole bunch of people earn squillions of dollars as funds advisers.”

At the same time, however, Mr Rudd said that if it came down to a choice between fostering the growth of the industry and “equity and fairness”, he would “back equity and fairness anyday”.

Mr Rudd also refused to rule out further tinkering with superannuation policy, fully admitting the policy backflips that have already taken place.

“I’m not going to say I didn’t say [there wouldn’t be further changes to superannuation]. It’s there in black and white.”