The Opposition has argued Labor’s plan to shake up the superannuation system will result in higher taxes and less transparency.
Treasurer Jim Chalmers delivered a speech on Monday outlining changes to the $3 trillion retirement system, flagging Labor’s plan to introduce legislation that would define an objective for superannuation.
A consultation paper has been released to coincide with the speech, which says the objective of superannuation “is to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way”. “There will be less transparency about what happens to your super under Labor, and also when it comes to the Labor Party they want to tell you what you’re going to do with your super rather than you having those choices.
Mr Chalmers vowed to “end the super wars”, saying the industry was made vulnerable by the former Coalition government and its policies.
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