Women will bear the brunt of Labor’s $538 million superannuation raid on supposedly inactive accounts according to Anne Ruston, Senator for South Australia.
“Labor’s latest hit on superannuation means new mothers, who often take a few years off work to look after their children, will have to deal with another layer of bureaucracy to ensure their super stays where they left it,” Senator Ruston said.
"Labor has just given mothers another job at a time when their hands are already full. This change means when they go on maternity leave, they will have to personally inform their super fund they won’t be making contributions for a while so Labor doesn’t raid it. If they don’t, they’ll be forced to spend even more time tracking it down.
“This change, which comes only two days after Labor said it would not be making any more changes to superannuation, comes on top of a $555 million super cash grab 10 months ago.
“The raid also follows $9 billion of tax increases on super in the six budgets Labor has brought down.
“Chris Bowen is looking just like another Wayne Swan when it comes to superannuation.
“For a Government that has run so hard on gender equality it beggars belief that they would bring about a change which so clearly disadvantages working women. Australian women will be rightly wondering how finance minister Penny Wong could support this grab.
“These new mums will now have to hunt down the Government to recover any funds they lose.”
“The Coalition has long maintained these changes will increase the risk that some people will lose their money to the Australian Tax Office (ATO) before they have had the chance to make their own arrangement to consolidate their super accounts.”