Superannuation Minister Jane Hume calls out irony of Anthony Albanese’s ‘unholy coalition’ spray

Minister questions why Opposition Leader isn’t siding with the super members.

Senator Jane Hume. Picture: Aaron Francis

Superannuation Minister Jane Hume has hit back at Anthony Albanese’s attack on an “unholy coalition” that is supposedly seeking to undermine Labor’s signature retirement income reform.

Senator Hume slammed the Opposition Leader’s “wild spray” at the Coalition, think tanks and the Australian Council of Social Services.

“It’s kind of ironic that Albo’s wild spray today bracketed the Coalition, ACOSS and think tanks - three groups without any vested interest in the super-charged gravy train,” said Ms Hume, speaking on the sidelines of a superannuation conference on the Gold Coast on Wednesday.

The Opposition Leader, in a major speech in Brisbane earlier in the day, singled out “an unholy coalition attacking the increase in the Superannuation Guarantee”.

“They want to see super wound back or abolished,” the Labor leader said. “The prescriptions of ACOSS and others play into the hands of the Liberal and National parties,” he added.

ACOSS has angered Labor and swathes of the superannuation industry by arguing against a legislated increase in the compulsory saving, due to reach 12 per cent by 2025. The non-aligned Grattan Institute has argued against the increase in a series of studies that found the move will harm most workers.

“Super is a system bedevilled with vested interests. Why would Albo be aligning himself with some of the noisiest of those vested interests rather than siding with the super members,” Ms Hume told The Australian.

The government’s retirement income review, tasked with evaluating the efficiency and effectiveness of the age pension and superannuation systems, is expected to report in June.

Mr Albanese said super was “giving worker people a fuller and richer retirement”. “It is also working for the Australian economy: $3 trillion worth of superannuation savings is being invested both here and abroad, creating jobs and ensuring Australians get more of the wealth of our great country,” he added.

Ms Hume in her speech at the SMSF Association’s annual conference spelt out the government’s determination to legislate to abolish clauses in enterprise agreements that prevented some workers from choosing their own fund.

“There are thousands of workers that are being forced into some of the worst performing default products as a result of restrictions on choice,” she said, suggesting enterprise agreements at universities and Kmart, for example, were restricting choice.

Adam Creighton attended the conference courtesy of the SMSF Association.