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Superannuation
Release the Retirement Income Review: Labor

Labor MP Stephen Jones has joined ASFA and the Business Council of Australia in demanding the government release the long-awaited Retirement Income Review ahead of more changes to super.

Jones, who was speaking at an online event for ASFA, criticised the government's latest raft of superannuation reforms and the early release of super (ERS) program.

"The Superannuation Minister [Jane Hume]- who flips and flops between ambivalent and conflicted in her own portfolio - argues that there is no cost to young Australians draining their superannuation when a 30 year old will be $95,000 worse off at retirement," Jones said.

"The Prime Minister and Treasurer are keen to promote unlikely allies - large charities and a few left-leaning economists - in its ideological campaign to cut superannuation. What they won't tell you is that these groups at the same time are calling on the government to increase the pension. Not by a small amount, but a very large amount."

He added that under a Liberal government, he did not think there was any possibility that the pension would increase.

"With super cuts and the pensions frozen, there is a gaping hole emerging in the future capacity to support every hard working Australian in their retirement," Jones said

He argued that policies like the early release of super twinned with a frozen pension rate means that the system that is supposed to be there to support an aging population in retirement is fragile.

That is why Jones wants the Retirement Income Review, which Hume has said she has read and that it is 650 pages long, to be released sooner rather than later.

"So it's time for a sensible debate. We had hoped that this was going to be forthcoming when the government announced a review of retirement income policy," Jones said.

"There is no reason to delay its release. It doesn't contain recommendations only findings of fact. Surely if we are going to have a sensible policy debate it should be based on facts."

Read more: Retirement Income ReviewASFALabor MP Stephen JonesBusiness Council of AustraliaSuperannuation Minister Jane Hume
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