Labor is coming after your super, just weeks after Labor claimed it would protect it.
Federal Nationals Leader, Matt Canavan, said Labor’s desperation to spend other people’s money was now reaching new heights, with Trade Minister Don Farrell pitching to the US that Australia’s $4.8 trillion superannuation sector could invest in America’s lamb industry to head off additional tariffs.
“Labor’s latest attempt to spend other people’s money for their own purposes is bizarre and confusing,” Senator Canavan said.
“Just weeks ago, Treasurer Jim Chalmers said the next election will be super’s existential moment and it will help determine whether we make the most of our intergenerational advantages or trash them.
“Treasurer Chalmers also said the Labor was taking steps to ensure the retirement phase of super delivers more for members. But that is clearly not the case, if Labor is now using the promise of superannuation investment in the US to woo the Trump Administration.
If Treasurer Chalmers apparently wants to protect superannuation then why is Minister Farrell now saying the Labor government should raid it, to get favour with other countries?
“Superannuation is your money. It’s not Labor’s piggy bank. But the Prime Minister has called your super a ‘national asset’, and now Minister Farrell says super funds have an obligation to consider investments in the national interest.
“Super is there for people’s retirement after a lifetime of saving, not as a way to help Labor get itself out of holes that it dug itself. It should be invested for the best financial interests of its members, not Labor’s interests.
“For the Trade Minister to think that Australian super funds have an obligation to assist in boosting trade in the US is actually quite scary and to use superannuation as a negotiating tool for tariffs is surely a new low.
Treasurer Chalmers and Minister Farrell are at odds with each other, but it is Australians who suffer as a consequence.”
