The Morrison government made an election promise to keep the rise, worth about $20 billion a year to workers' retirement balances. The stakes are high and both sides of the debate are fighting hard
The Mediscare approach
He is suspicious members of the Coalition want to get rid of superannuation altogether but says any moves to hurt the fundamentals of the system would be opposed by voters. In fact, he thinks the ramifications would be as significant as Labor's 2016 campaign against the Liberal government over Medicare.
While he acknowledges the recession is a tricky landscape for policymakers, he thinks super should be at the "bottom of the list" for changes and there's little merit in the argument delaying the super guarantee will affect wage growth. Labor spokesman for financial services Stephen Jones agrees with the Medicare analogy, saying the opposition is prepared to have the debate out in public to "remind politicians what people really value".
Any extension to the early access scheme introduced by the government at the height of the pandemic to allow workers to access up to $20,000 from their retirement savings would be particularly concerning, he says, along with any use of the funds to help first-home buyers, as proposed by MP John Alexander and Senator Andrew Bragg."If super is seen to be the magic pudding you use to fix everything, it will fix nothing ... It's an existential challenge to superannuation," he says.
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