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
- 24 Oct 2017Super bills tabled in Federal ParliamentBy Miranda Brownlee
- 23 Oct 2017IFAs drive exchange-traded bond demandBy Jessica Yun
- 23 Oct 2017Government to beef up misconduct penaltiesBy Killian Plastow
- 24 Oct 2017CPA hurt by ‘negative undertones’ in financial adviceBy Aleks Vickovich and Katarina Taurian
- 23 Oct 2017Fiducian prepares for leadership transitionBy Staff Reporter
- 23 Oct 2017Industry association for insurance tech launchesBy Staff Reporter
- view all