Bill Shorten and Labor’s elite will avoid their $56 billion attack on hundreds of thousands of Australians’ superannuation, and some will retire on nearly $200,000 a year.
The Conservative Party strongly opposes the raid on retirement incomes of self-funded retirees. If you do too, click the box below:
The Daily Telegraph reports only two of Bill Shorten’s top-20 team members are likely to be among the retirees hit by the ALP’s nest egg raid, which will leave some self-funded retirees on modest incomes with 15 per cent less to live on.
The Opposition leader himself and shadow finance minister Jim Chalmers are set to be unscathed by their plan to abolish cash refunds for excess tax credits on share dividends, as is Treasury spokesman Chris Bowen who last week dared those affected to “vote against us”.
Mr Bowen made the comment, which Treasurer Josh Frydenberg labelled “arrogant”, after being confronted by a self-funded retiree living on about $60,000 annually who said he would be $5000 a year worse off under Labor’s changes.
Some long-serving Labor figures such as Tanya Plibersek are likely to retire on nearly $200,000 a year because they are in a politician-only super scheme so generous their own party successfully fought to get it closed to MPs elected after 2004.
It’s understood Penny Wong and Anthony Albanese are in line for similar lifetime payments once they leave politics. Unlike most parliamentarians, neither discloses their super arrangements on the pecuniary interests register and they declined to comment.
Ms Plibersek’s office confirmed she was in the pre-2004 parliamentary defined benefits scheme but did not respond when later asked about the likely size of her lifetime pension. It’s believed she and other senior Labor figures in that scheme are in line for annual taxpayer funded retirement payments of nearly $200,000.
The Conservative Party's WA Senate Candidate Matt Brazier says what Labor wants to do is grossly unfair.
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