Labor minister Bill Shorten has called on the opposition to put aside its objections to increasing Australia’s superannuation guarantee (SG) and move the debate to bipartisan status.
“The opposition has every right to challenge the government on a range of views and prescribe alternatives for Australians,” Minister for Financial Services and Superannuation and Assistant Treasurer Bill Shorten told a Financial Services Council lunch on Friday.
“I just want superannuation out of the partisan level to the bipartisan level. If we agree and those who have travelled overseas recognise that Australia has done well when the rest of the world has been doing it hardest, I recognise it is due to the good work of previous governments.
“I recognise it’s due to the strength of our commodities sector, I recognise it’s due to the decisions that our government made in terms of stimulus and in terms of the bank financial system. But it’s ultimately because we had a big pool of national savings.”
Shorten said it was also time for industry sectors to publicly argue for an increase in superannuation levels.
“Think whatever you like about the government, but if you think this government has a good idea on this then we do need to build a consensus – that’s my urgent advice,” he said.
“I’m optimistic about the validity of our debate, I’m optimistic about the unbeatable logic of the idea. But what good ideas require is advocacy, not from the few, not from the many – they require support from the many to talk to other people.”
Shorten said he understands the industry is locked in a series of debates between accountants, financial planners, tax agents and self-managed superannuation funds, likening them to “Monty Python-like factions”.
“There are legitimate debates and there is legitimate competition, but some ideas just require everyone to just get on board,” he said.
Shorten said it’s time for there to be greater explanation of what is required of industry sectors and where they fit in, as it would provide a new opportunity for renewed confidence.
