Opposition says no to five year freeze
The Federal Opposition has refused to back a five-year moratorium on significant change to superannuation, claiming some beneficial change is necessary.
The Shadow Assistant Treasurer, Senator Mathias Cormann, said the Coalition had committed to no unexpected negative changes but would pursue those changes it believed to be positive, such as with default funds under modern awards and improving corporate governance.
He said the Coalition would also be moving to fix the excess contributions regime.
Cormann also suggested that the Federal Treasurer, Chris Bowen, would be able to wriggle out of his five-year commitment by not specifying what is “significant”.
Cormann also recommitted the Coalition to delivering on the 12 per cent super guarantee, albeit two years later than the Government.
He said the Coalition’s preference was for industry to self-regulate where possible.
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