PM reaffirms vow not to raise tax on super

Prime Minister Tony Abbott has again pledged not to raid the super of retired Australians, citing his vow as a key difference with his political rivals.

LNP delegates including Bruce McIver and Bernard Ponting congratulate Australian Prime Minister Tony Abbottafter his address at the Liberal National Party.

LNP delegates including Bruce McIver and Bernard Ponting congratulate Australian Prime Minister Tony Abbottafter his address at the Liberal National Party. Source: AAP

Prime Minister Tony Abbott has reaffirmed a promise to stay away from the superannuation of retired Australians.

Mr Abbott singled out his stance on super as a key difference with his political rivals as he addressed the Liberal National Party state convention in Brisbane on Saturday.

In April, Labor announced plans for a 15 per cent tax on the superannuation accounts of retired Australians who earned more than $75,000 in a year, ending their tax-free status.

The government was focused on "lower, simpler, fairer taxes," Mr Abbott told the party faithful.

"One thing we will not do is increase tax on super," he said.

"Your hard-earned savings, yes, they might be tax-advantaged, but your hard-earned savings ... belong to you. They aren't a piggy bank for government to raid whenever they're in trouble."

Mr Abbott also pledged never to tinker with negative gearing.

"The last time a Labor government fiddled with negative gearing it destroyed the rental market in most of our major cities," he said.

The prime minister's speech followed a testing week for Opposition Leader Bill Shorten, whose credibility as a witness was called into question during the royal commission into trade unions.

While Mr Abbott again insisted he would abstain from offering character assessments of his opponent, he said it illustrated Labor was preoccupied with political success.

"This political movement is worried about what will work and what will help the people of Australia," he said.

"And what will best help the people of Australia is restoring honesty and good governance to the trade union movement."

The convention wraps up on Sunday evening.


Share

2 min read

Published

Updated

Source: AAP


Share this with family and friends


Get SBS News daily and direct to your Inbox

Sign up now for the latest news from Australia and around the world direct to your inbox.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

Download our apps
SBS News
SBS Audio
SBS On Demand

Listen to our podcasts
An overview of the day's top stories from SBS News
Interviews and feature reports from SBS News
Your daily ten minute finance and business news wrap with SBS Finance Editor Ricardo Gonçalves.
A daily five minute news wrap for English learners and people with disability
Get the latest with our News podcasts on your favourite podcast apps.

Watch on SBS
SBS World News

SBS World News

Take a global view with Australia's most comprehensive world news service
Watch the latest news videos from Australia and across the world