The retirement savings of almost 3.6 million workers, including 2.2 million women will be spared from Tony Abbott’s cuts following news today that the Palmer United Party will vote to save the low income super contribution.
ACTU President Ged Kearney welcomed Mr Palmer’s announcement and said it was a huge win for some of Australia’s lowest paid workers.
“All Australians deserve a secure retirement and the low income super contribution helps those earning $37,000 per year or less,” Ms Kearney said.
“Hardworking Australians and their Unions right around the country campaigned for the retention of the low income super contribution which makes a real difference to the retirement savings of millions in our community.
“By abolishing the low income super contribution, Prime Minister Abbott would cut the retirement savings of half of Australia’s female workforce.
“In fact, if the Abbott Government succeeded in scrapping the LISC, millions of the lowest paid workers in Australia would end up paying more tax on their super contributions than they do on their wages – and be the only workers who would.
“It says an enormous amount about Mr Abbott that he is happy to leave the superannuation accounts of the highest paid untouched with their 30% tax concessions but is happy to penalise the lowest paid for saving for their retirements.
“Australian Unions won’t stand by while Mr Abbott attacks the Australian way of life, we’ll fight so hardworking Australians get a fair go.”
