IPA Today

Prime Minister Must Be Transparent On Superannuation

Written by
24 February 2023

“The Prime Minister’s silence was deafening when he refused on several occasions to be transparent with Australians about the generous pension provisions for politicians who are set to change superannuation rules for the rest of us,” said Daniel Wild, Deputy Executive Director of the Institute of Public Affairs.

This morning, Prime Minister Anthony Albanese, under sustained questioning, refused to give simple answers on his pension entitlements in light of proposed retrospective changes to Australia’s superannuation taxation arrangements that will leave retirees worse off.

The Parliamentary Contributory Superannuation Scheme provides generous pensions to politicians elected before 2004 and the PM himself is eligible. IPA analysis of the Scheme’s regulatory framework shows the PM could be eligible for a pension in excess of $400,000 per year for the rest of his life.

“The Prime Minister needs to be honest with Australians, if our analysis is wrong, he should immediately release what the correct figure is,” said Mr Wild.

“Seeking to retrospectively make changes to the superannuation of mainstream Australians, while the Prime Minister and his colleagues know they are set for life on a generous taxpayer funded pension scheme is the height of hypocrisy.”

“Australians are sick and tired of the political elite creating one set of rules for themselves and another for the rest of us.”

The PM’s evasive behaviour follows comments this week by Assistant Treasurer Stephen Jones, who, unwittingly, let the cat out of the bag on the higher taxes the Federal Government is proposing on Australians’ retirement savings, as well as making it harder to access your money.

“Superannuation is not the government’s money or union super funds’ money, it is the hard-earned money of Australian workers who should be in charge of their future and able to access their savings,” said Mr Wild.

“The Prime Minister needs to come clean on the pension that taxpayers provide him and what his plans are for our retirement savings.”

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Daniel Wild

Daniel Wild is the Deputy Executive Director at the Institute of Public Affairs

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