The Morrison Government is poised to reward businesses owners who’ve stolen superannuation from working people by giving them a tax deduction for paying the money back, with no further penalties.
The superannuation amnesty is one of a suite of measures listed for introduction to the Senate this week that undermine the superannuation system established under the historic accords during the Hawke and Keating governments.
The amnesty would effectively reward superannuation thieves by giving them a tax deduction for having gained a competitive benefit by stealing super over the past 26 years – the entire life of the modern superannuation system.
Other measures being introduced by the Morrison Government allow the government or regulatory agencies to interfere with the governance, investment decisions and board structure of high-performing not-for-profit industry funds, while ignoring the bank-owned retail funds.
The Banking Royal Commission unearthed serious wrongdoing, with banks-owned funds syphoning more than $1 billion of working people’s retirement savings out of their accounts through a range of unethical practices that included charging fees for no service, illegally leaving customers in higher-fee accounts and charging the accounts of dead customers.
The ACTU is campaigning to end for-profit super funds and return the system to high-performing not-for-profit retail funds, and to immediately raise super contributions from 9.5 percent to 12 percent.
Quotes attributable to ACTU Assistant Secretary Scott Connolly:
“Everyone should have the right to a dignified retirement. That’s what our not-for-profit industry super system is set up to provide, but banks have muscled their way in and are robbing people of their savings, sometimes even after they’ve died.
“The Morrison Government has resurrected a series of bills that make it easier for bankers to get their hands on the retirement savings of working people.
“It’s like they’ve learned nothing from the Banking Royal Commission.
“They voted against the Royal Commission 26 times, and now they’re trying to pretend it isn’t happening.
“They want to interfere with the best-run, best-performing not-for-profit industry funds and let the banks keep ripping people off. They want to let people who’ve stolen super off the hook.
“And they want to take life insurance from young people and those with low super balances, even in high-risk occupations where insurance would be prohibitively expensive without the collective buying power that super funds enable.
“All Senators need to oppose these bills to safeguard the retirement savings of working people.”