Shorten commits to 12 per cent SG despite MRRT

The Minister for Financial Services, Bill Shorten, has committed the Government to delivering on lifting the superannuation guarantee to 12 per cent irrespective of the revenue raised by Mineral Resources Rent Tax (MRRT).

Interviewed on national radio, Shorten declined to specify how the Government would translate the revenue shortfall but referenced reaching into consolidated revenue.

"Take it to the bank, we're going to pay for our superannuation changes," the minister said.

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Asked how the Government would do so, Shorten said: "Oh, through consolidated revenue we will pay for this tax that we've cut and the Liberals want to reintroduce".

Shorten then went on to discuss the funding of the Government's tax cut for low income earners, and Coalition statements that it would likely reintroduce the tax because it was not being appropriately funded.

Asked whether the Government would be looking to deliver on its superannuation policy promises by increasing the superannuation tax paid by wealthy Australians, Shorten appeared to side-step the issue  again by pointing to the super tax cuts delivered to lower income workers.

The Shadow Assistant Treasurer, Senator Mathias Cormann, has maintained his criticism of the MRRT, claiming it cannot be fixed and should be scrapped.




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