May 8, 2020

ANTHONY ALBANESE & STEPHEN JONES – MEDIA RELEASE – MORRISON MUST ORDER FULL REVIEW OF EARLY SUPER ACCESS SCHEME – FRIDAY, 8 MAY 2020

ANTHONY ALBANESE MP
LEADER OF THE AUSTRALIAN LABOR PARTY
MEMBER FOR GRAYNDLER

STEPHEN JONES MP
SHADOW ASSISTANT TREASURER
SHADOW MINISTER FOR FINANCIAL SERVICES
MEMBER FOR WHITLAM

 

MORRISON MUST ORDER FULL REVIEW OF EARLY SUPER ACCESS SCHEME

 

Scott Morrison must order a full review of the early access to superannuation scheme and explain to Parliament next week how it came to be rorted by fraudsters who have stolen retirement savings of at least 150 Australians.

 

The Government’s failure to listen to warnings from Labor and the superannuation industry that there were serious flaws in the early release superannuation program has now cost people up to $10,000 of their hard-earned retirement dollars.

 

Yesterday it was nothing to see here. Today the Government has been dragged into action

 

Money should be going to people in dire financial need, not fraudsters and crooks.

 

We welcome the news that the scheme has been frozen. It should have happened a week ago when this fraud first came to light.

 

The Government has designed a system for speed not accuracy.

 

If you want to implement major reforms quickly you need to listen to stakeholders. The Government has placed the hard-earned savings of Australians at risk because they refused to listen to advice.

 

We expect a full explanation from Government Ministers on what measures they are taking to protect the integrity of our superannuation system and to ensure no further fraud takes place.

 

Just like the automated Robodebt fiasco, this is a Government error which requires a Government solution. Individuals and super funds should not be left thousands of dollars out of pocket because the Government did not heed warnings from Labor and industry.

 

No one should be out of pocket because of a Government mistake. They must fix it and compensate those affected.

 

Australia has a world class superannuation system. We must protect the integrity of retirement savings at all costs.