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Next On The Left
Leftish policy and strategy. Labor reform and politics.
Leftish policy and strategy. Labor reform and politics.

Next On The Left's posts

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Superannuation changes lost in the rhetoric
by Samantha Maiden from the Daily Telegraph 
(with a just couple of words swapped around)

The Daily Telegraph and most main stream journalists are so weak these days they cannot even keep the opposition honest.

Witness the mess the press made of the superannuation debate.

Tony Abbott is getting away with absolute murder. If you turned on the radio last week you would truly believe that Julia Gillard is going to "raid" your superannuation.

The average punter could be forgiven for thinking Labor is going to rip money out of every piggy bank and stick it on the roulette wheel of Wayne Swan's latest deficit.

And why not?

Abbott, the alternative prime minister, says: "The government plans to raid your superannuation to fund its spending spree. The government is going to take your money, your superannuation money."

But this is utter rubbish. It is unfathomable that the main stream media, with a proud record of hold politicians of all persuasions to account, would allow him to get away with this.

On Friday, when the government announced what it was doing, Abbott said it had "shades of Cyprus".

Excuse me? Comparing Australia's world class superannuation system to a tin-pot country in the midst of a banking collapse and an economic crisis? There's a reasonable argument that Abbott is recklessly undermining confidence in the superannuation system with such overblown rhetoric.

But try getting journalists to explain this.

Let's review the facts. The government has legislated to ensure employers increase superannuation contributions from 9 per cent to 12 per cent. Over coming years, this will lead to a massive rise in retirement savings. That's the backdrop to the "raid" on super that Abbott speaks of.

In the lead-up to the May budget, the Gillard government is also looking for budget savings to fund major school reforms and the National Disability Insurance Scheme, leading to rampant speculation about super tax reform for the very wealthy, who currently secure the lion's share of tax breaks.

And what did they announce? People with super accounts of more than $2 million would pay more tax on their earnings. Below that level, your earnings are still tax free.

So if you have $100,000 or $500,000 or even $1.5 million in your super accounts the changes don't affect you. According to the government, the changes announced on Friday will affect as few as 16,000 people among Australia's 4.1 million retirees.

Abbott's plan is to deliver an effective tax increase for low-income workers, largely part-time workers and mums.

Abbott has delivered an Oscar-worthy performance, putting on his sad face about Gillard's plan to "raid" the retirement savings of high-income families when he plans to dump a "top-up" scheme for low-income retirement savings. Abbot wants to dump that because it is funded by the mining tax, which he doesn't support.

That's a potential tax increase an Abbott government is planning for 3.6 million low-income Australians.

Belatedly the Daily Telegraph has tried to inform their readership by pointing out Abbott's overblown rhetoric.

Workers' trust and faith in superannuation is vital to ensuring families plan for their retirement and don't rely on welfare handouts.

That's what's being undermined by this stupid debate. Everyone loses as a result. Not just journalism.

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Takes place tomorrow... I don't see too much Australian political activity on G+, so it will be interesting to see how many people turn up.
Do you want to Hang Out with the PM? Here's your chance

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Unintentionally hilarious...
Via @bencubby: I found this video made by pro-Rinehart protestors. If these guys are grassroots, the lawn needs some work.

#ginarinehart #mining #Fairfax #Austroturf 

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+ABC leads with headline "Holding His Ground" on their main news website after Abbott says he will ignore advice of two separate Admirals - Admiral Griggs and Admiral Barrie - who came out against his policy of using Naval vessels to force boats on their way to Australia to change course.

I wonder if any other headlines were considered:
"Abbott ignores 80 years of Naval experience"
"Abbott continues LNP trend of dismissing expert advice"
"Abbott says policy will not be influenced by facts or information"
"Abbott ridicules Indonesia's protests at policy"

"Holding his Ground" seems to put quite a positive spin on his position.

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First job loss due to introduction of carbon tax - Brumby's CEO

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Brumby's bakery exposed to million+ dollar fine after being caught out instructing franchisees to raise prices and "blame carbon tax"

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Australia economy continues to recover well post GFC, and despite international weakness:

"Retail spending beat expectations with a 0.5 per cent jump in May"
"The ABS said over the longer term, food retailing was still the main contributor to growth, up 0.4 per cent increase in trend terms, while spending in cafes, restaurants and takeaway food services was also up 1.0 per cent in trend terms"

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