Oh Super …

Wayne the Wonder Swan needs to deliver a surplus. The reasons that he recited the other day seemed to be no different from the reasons recited for throwing money around like a madman just a few years ago.

Labour delivered a surplus once … 1988 as Wayne well remembers …

Nothing will stand in the way of this one, nothing …

even if enthusiasm for saving for your retirement takes a hammering.   See Sally Patten & Jennifer Hewett.

“This is the most destructive thing I have seen in a long time,” said Association of Superannuation Funds of Australia chief Pauline Vamos, who fears that changes to the contributions or earnings taxes will lower the level of voluntary injections into super or, worse, encourage workers to become contractors as the 9 per cent super guarantee does not apply to the self-employed.

Financial Services Council chief executive John Brogden added his concerns. “This is neither in the interests of saving Australians nor in the national interest,” he said.

“Any savings for the budget through reducing concessions in superannuation would be far outweighed by costs borne in future budgets.

“Such changes would trade small, short-term gains for this budget for massive, long-term costs for future budgets and future generations.”

The day we get a stable and favorable super scheme will be the day that the politicians have to make do with the same rules as the rest of us.

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