Daniel Hurst Federal political reporter April 3, 2013
Tony Abbott. Photo: Andrew Meares
Tony Abbott has intensified his campaign against potential superannuation tax hikes for upper-income earners, assuring voters their money would be ''safe with us'', while refusing to reverse changes.
But he reaffirmed that the Coalition would scrap the super tax offset for low-income earners, prompting the government to accuse him of having skewed priorities by going after 3.6 million Australians on salaries of $37,000 or less.
The Opposition Leader's latest efforts to stoke fears about a looming ''betrayal'' of Australians with superannuation funds came as the government sought to limit the damage by stressing the target was tax breaks for the ''fabulously wealthy''.
A government source said on Tuesday night that Labor was looking at reforms that would only affect Australia's richest 1 or 2 per cent.
It is believed the bottom 30 per cent of income earners received 1.2 per cent of the total value of super concessions in 2009-10, whereas the top 1 per cent received a 9 per cent share.
Superannuation Minister Bill Shorten said the system needed to be consistent and sustainable. He insisted budget pressures were ''not driving our superannuation reforms''.
Trade Minister Craig Emerson, said on Tuesday that the federal budget could not afford to keep the current super tax concessions for ''the few at the very top end''.
The government is preparing to unveil the bill it flagged in last year's budget.
Last May, Treasurer Wayne Swan outlined plans to increase the tax on contributions of Australians earning more than $300,000 from 15 per cent to 30 per cent.
Fairfax Media has learnt the government is looking at releasing draft legislation in coming weeks.
Prime Minister Julia Gillard has ruled out taxing super withdrawals.
Mr Abbott repeatedly refused to guarantee to wind back the government's proposed changes, saying only that the Coalition would not make matters worse. ''We aren't going to do any more damage,'' he said. ''Your money is safe with us.''
Mr Abbott said the opposition had long made clear it would axe benefits - the offsets for low earners - funded by the mining tax.
The Coalition's superannuation spokesman, Mathias Cormann, said superannuation was the retirement savings vehicle of choice for the aspirational middle class. ''Enough is enough. People doing the right thing by saving for their retirement deserve certainty and stability.''
