Bowen commits to 5-year super cycles

Treasurer Chris Bowen says a new super charter will be enshrined in legislation.

Low paid workers get $15.80 week pay rise

The national minimum wage will rise by $15.80 a week to $622.20, the Fair Work Commission ruled.

Changes to superannuation taxes will only be considered every five years under a reelected Labor government.

Treasurer Chris Bowen pledged on Wednesday that laws will only be reviewed by an independent superannuation council.

This is about giving the Australian people certainty through law," he told reporters in Brisbane.

"They deserve to know that the rules won't be changed during the game."

Mr Bowen also hinted that a draft superannuation charter, which has been drawn up by a government-appointed super council, could be legislated before the election.

The super council would become a fully independent institution, made up industry experts, overseeing the charter and any changes to it.

A discussion paper would be issued every five years by the super council for extensive consultation.

After receiving feedback, the council would then make recommendations for any changes to the government.

"From now on there won't be the annual speculation in your fine newspapers, in the media, about what an annual budget might or might not do to superannuation," Mr Bowen said.

"I know this speculation concerns the Australian people and I know that what has become to be seen as regular changes under governments of all persuasions to the superannuation system have been undermining confidence and certainty.

"This makes clear that the Rudd Labor government believes that superannuation should be dealt with and considered as a retirement incomes policy, not seen through the prism of the annual budget savings task."


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Source: AAP


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