Frydenberg has left the reservation - super reforms fail Liberals' own test
The list of conservatives backing away from the Government’s super reforms is growing by the day as Superannuation lobby groups and Labor are calling on the government to withdraw its signature superannuation bill.
Josh Frydenberg’s superannuation legislation has been described as a Trumpian-style brain fart.
1 June 2021
CRAIG Kelly, Bob Katter and now Gerard Rennick all know the Your Future, Your Super legislation fails the coalition’s most basic tenants. In fact Queensland Liberal Senator Gerard Rennick has revealed that he might cross the floor if the government fails to drop a contentious provision giving the Treasurer the power to veto investments made by super funds.
They recognise no Australian Government should ever be given the power to cancel a private sector investment.
That’s what happens in dictatorships, not market economies. Yet this is exactly what Josh Frydenberg could do if this legislation passes in its current form.
Josh Frydenberg’s superannuation legislation is nothing less than the the dead hand of Chavez-style Government intervention. And if passed, it will have a devastating impact on all Australians and how they are able to survive in retirement. It is, without a shadow of doubt, a crazy idea that would increase sovereign risk and set a dangerous precedent.
There is no doubt for the need for genuine reform of the super system to bring about better returns for hardworking Australian families. But not at the expense of a government who would goose-step its way into people’s savings for their own perverted agenda.
The Independents and the opposition have been offering bipartisan cooperation on this bill to achieve better reform for superannuates. Instead of listening, Josh Frydenberg has left the reservation on some kind of power trip to make himself Trustee-in-Chief for $3.1 trillion in retirement savings.
Now that Senator Rennick has threatened to cross the floor, it may bring the Treasurer back to his senses and remove the earmark from the legislation.
Present a bill to the House that the crossbench, Labor and his own senators can agree on.
It’s time everyone in the Government worked together to give Australians the best return possible on their super investments.
Grapevine News Online
Central Coast NSW
SUBSCRIBE FOR FREE to the Grapevine News Online and to the monthly e-book edition of the Grapevine Community News. You will receive an email notification every time a news story goes live, keeping you up to date with what is happening in your community.
Our online news update and monthly newspaper is about real local news and events. We will not spam you or share your details with third parties.