Retirement savings slashed by Kevin Rudd’s tax on mining
Monday, 10 May 2010
The retirement savings of Curtin’s self-funded retirees have been reduced by Kevin Rudd’s super tax on mining, with billions of dollars wiped off the value of their superannuation.Federal Member for Curtin Julie Bishop said Kevin Rudd’s proposed new 40 per cent tax had slashed the retirement savings of Australians by an estimated $6 billion in the first three days since the announcement.
Ms Bishop warned that since the news of this tax first broke in the media on 13 April 2010, Australians had lost more than $14 billion from their retirement savings.
In a shallow effort to distract from the damage it was doing, Labor has dishonestly claimed the mining tax would pay for the proposed increase in the superannuation guarantee levy from 9 per cent to 12 per cent.
“This is not true. There is no connection between this tax and the plans to increase superannuation savings for current employees, or to cut corporate taxes for business,” Ms Bishop said.
“Labor’s super tax on the productive mining industry will not fund the lift in the superannuation guarantee to 12 per cent – employers will pay.
“This massive tax on mining companies does not translate into money in employees’ pockets – it translates into less return for the miners, less investment and fewer jobs, and an attack on Australia’s international reputation as a competitive investment destination.”
