Australian PM says super changes vital for working families

13:09, May 04, 2010      

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The Australian federal government's superannuation reforms will strengthen the financial security of millions of Australians for decades to come, Australian Prime Minister Kevin Rudd said on Tuesday.

That change would boost the nation's pool of savings and ease pressure on the Commonwealth's pension budget, Rudd said in a breakfast speech in Sydney on Tuesday.

It would also free up funds to be polished into nation-building infrastructure and wealth creation projects, Rudd added.

"The reforms to superannuation the government has announced this week are the most significant reforms to the superannuation system since the introduction of the superannuation guarantee charge," Rudd told the Investment and Financial Services Association.

"They will strengthen the financial security of Australians for decades to come."

The changes would particularly help working families and those on low incomes as well as boosting the economy, Rudd said.

Rudd also urged opposition leader Tony Abbott not to oppose the proposed changes to superannuation.

"It's important these reforms proceed," Rudd said.

"I note that Mr. Abbott has stated his opposition to them. I would appeal to Mr. Abbott not to get in the way of this important next stage of superannuation reform. Too many working families are depending on it."

Key changes to superannuation proposed on Sunday include increasing employer contributions from nine percent to 12 percent during a phased period over the next decade.

Source: Xinhua


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