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Budget a ‘house of cards’; super measures underwhelming

Media Release
Adam Bandt 4 May 2016

Greens Treasury spokesperson Adam Bandt MP today said the government’s so-called new ‘Low Income Superannuation Tax Offset’ (LISTO) is really just another case of the government reviving a measure it had previously sent to the grave. The Liberal government passed legislation that from next year will see the ‘Low Income Super Contribution’ program cut, a program that operates in a similar way as their proposed LISTO scheme, from next year.

“The government has been out trumpeting its super top-ups for low income earners, but this is just them reviving a similar scheme that they’d previously seen dead and buried,” Mr Bandt said.

“This Budget is a missed opportunity to remove unfair tax breaks from the super system. Malcolm Turnbull and Scott Morrison had the support and goodwill of business groups, civil society, the unions and the Parliament to end unfair tax breaks in our super system and raise desperately needed revenue but they’ve failed.”

“Truly reforming our super system could bring in more than four times as much as revenue, make the system fairer and help super work in the way it was intended.”

“The Budget is a house of cards, based on almost magical growth in non-mining sector.”

“The Reserve Bank has pointed to an economy struggling to grow after the mining boom, yet Scott Morrison forecasts a turnaround from -2 to +4.5 per cent growth in just 2 years.”

“Low income earners will be no better off under this revived scheme than they currently are, they’ll just not be worse off in a year’s time.”

“The Budget continues the Tony Abbott-era attacks on low income Australians and instead hands out billions in election bribes to the very wealthy.”

“The government is ripping $4 billion out of schools and hospitals for a $6/week tax cut for higher income earners, a tax cut that won’t even buy a sandwich in a city lunch bar.”

“With our schools and hospitals desperately in need of investment, now is not the time for unaffordable and unfair tax cut election bribes.”

Media contact: Adam Pulford, 0429 109 054

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