The Nation: Labor says Joe Hockey’s super changes show Coalition’s ‘twisted values’

The Opposition has labelled the Government’s decision to end the super co-contribution for low-income earners while scrapping a 15 per cent tax on super earnings over $100,000 as deeply unfair.

Labor has also accused the Government of economic hypocrisy, saying the Coalition is blowing out the deficit, despite its election campaign claims of a budget emergency.

Speaking on the ABC’s Lateline program, Acting Opposition Leader Tanya Plibersek hit back at Government critics who have dismissed Labor’s plan for superannuation pension earnings.

Labor went to the election promising a 15 per cent tax on superannuation pension earnings over $100,000.

Treasurer Joe Hockey said on Wednesday the policy was too complex and it would be scrapped.

The Treasurer has also decided to cut superannuation co-contributions for low income earners.

According to the chief executive of Industry Super Australia, David Whiteley, this would result in 3.6 million Australians on low incomes being out of pocket $500 a year, while just 16,000 of the nations top earners will benefit from the scrapping of the 15 per cent tax.

Read the full story, ABC here

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