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Transcript 21287

Show us the Details Mr Crean

Photo of Howard, John

Howard, John

Period of Service: 11/03/1996 to 03/12/2007

More information about Howard, John on The National Archive website.

Release Date: 20/05/2004

Release Type: Media Release

Transcript ID: 21287

The Shadow Treasurer Simon Crean should explain to the Australian public precisely what he means in proposing an intergenerational fund.

Does he have in mind the imposition of a tax surcharge to build up the fund over coming years?

If he's not going to increase taxes to pay for this fund, is he going to run down the surplus?

Who is going to operate the fund and what are its governance arrangements?

These questions need answering.

In this year's Budget, the Government outlined a strategy to meet Australia's demographic challenges by building economic growth and boosting retirement incomes. Generous new incentives were outlined for people who invest in their own superannuation.

Given its new found interest in planning for the future, Labor should wholeheartedly support these initiatives.

Labor's latest 'promise' of an intergenerational fund comes on top of its promises of:

(i) more spending

(ii) bigger tax cuts

(iii) larger surpluses

(iv) reductions in net debt; and

(v) lower taxation and spending as a share of GDP

Something's got to give.

Mr Crean owes us an explanation.

Transcript 21287