Labor demands retirement review release

Similar to Industry Super Australia, shadow treasurer Jim Chalmers, shadow assistant treasurer and financial services minister Stephen Jones and shadow minister for families and social services, Linda Burney, have called the review a “stalking horse”, a Trojan for cuts to the pension and further delays in the legislated increase in the super guarantee. 

Treasury has confirmed Treasurer Josh Frydenberg was due to receive the report by Friday, but it could not say when it was due to be released to the public.

The Labor ministers have expressed concern around transparency, declaring in a joint statement that “Australian workers and retirees should not be kept in the dark”.

As Liberal backbenchers have pushed against the legislated increase to the superannuation guarantee, Mr Jones warned the rise will be necessary for the recovery from COVID-19.

“With millions being forced to raid or empty their retirement savings to get by, now is not the time to cut or freeze the superannuation guarantee,” Mr Jones said.

“Too many Australians retire with insufficient retirement savings, which is why our [world-class] super system needs to be strengthened and protected, not undermined.

“Australians are sick of the Liberal backbench dictating policy. Scott Morrison should show some leadership. He could end attacks on universal super today.”

Mr Jones had previously opposed the extension of government’s early superannuation release scheme to the end of the year, after it was declared in its stimulus update last week. 

“This is a vote of no confidence from the [government] in its own ability to deal with unemployment and the economic storm ahead,” Mr Jones stated.

“Not only does Scott Morrison have no plan to create jobs and get Australians back to work, the [government has] told Australians doing it tough that their only option is to raid their retirement savings.”

The latest APRA data from Monday showed almost 4 million applications for early release have now been processed by the funds as at 19 July, for a total $28 billion. 

There has been 1 million repeat applications in the second tranche of the scheme so far.