Superannuation funds have lost more than $14.5 billion following the announcement of the government's resources tax, according to Shadow Minister for Superannuation Luke Hartsuyker.
"Since the 40 per cent super tax on mining companies first appeared in the media on 13 April, the metals and mining index has dropped by 13.2 per cent," Hartsuyker said.
"With around 9.3 per cent of all superannuation assets invested in the mining sector, a 1 per cent fall in the value of the mining index equates to a $1.1 billion loss in superannuation."
Hartsuyker claims that superannuation funds will again be hit when mining company "dividends are slashed because of a decrease in profits as a result of the tax slug".
"Rudd's super tax on profits is nothing more than a tax on superannuation," Hartsuyker said.
"He is intent on killing the goose that laid the golden egg. Mr Rudd argues, without proof, that his superannuation reforms will add $100 billion to superannuation savings. This will be worth nothing if share prices keep falling and dividends are cut in the resources sector."
The comments follow an announcement by the opposition that it would block the mining tax in federal parliament.
"Since Mr Rudd's new super resources tax was announced, billions has been wiped from the value of the resources stocks that underpin the superannuation accounts of millions of Australian workers," federal opposition leader Tony Abbott said.
