Moves to abolish the Low Income Super Contribution (LISC) shows the Federal Government can't be trusted with superannuation, said shadow minister for financial services and superannuation Jim Chalmers in response to yesterday's budget.
In a statement, Mr Chalmers said in a statement that the Federal Government has "savaged the superannuation system for women and low- and middle-income workers".
"To freeze the Super Guarantee and smash the Low Income Super Contribution for almost three years ... shows how out of touch Mr Turnbull and his Liberals are," Mr Chalmers said.
"There are millions of Australians working now who will have thousands of dollars less in retirement because of Mr Turnbull and the Liberals."
Mr Chalmers further added federal treasurer Scott Morrison's plan in the budget is "little more than a cynical ploy sixty-one days out from an election."
Shadow treasurer Chris Bowen said in a statement the budget is "really a plan to deliver tax cuts for multinationals at the expense of Australian families".
"Tonight's budget is fiscal recklessness on a grand scale, proposing an unfunded and uncosted five per cent company tax cut over ten years, which has the potential to put Australia's triple-A credit rating at risk," Mr Bowen said.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 25 May 2018‘Never been a better time’ for advice: MorningstarBy Killian Plastow
- 25 May 2018ASIC takes former AFSL director to courtBy Reporter
- 25 May 2018Henderson Maxwell owner launches investigationBy Aleks Vickovich
- 25 May 2018CBA issues update on AUSTRAC proceedingsBy Reporter
- 25 May 2018Employers granted unpaid super amnestyBy Jessica Yun
- 25 May 2018Bernardi backs bank withdrawal from wealthBy Aleks Vickovich
- view all