Superannuation has gone from the sleeper topic of the election to the all-out-brawl issue. After Julie Bishop stumbled on the details on Tuesday, a little-known aspect of policy has dominated Wednesday – reforms to the “transition to retirement” taxation.
It may sound like bland politic speak but the transition to retirement changes are causing great disturbance in the Liberal party room according to Sky News, and donors are withdrawing funds in disgust.
Sky is also reporting that the changes did not go to the party room and Arthur Sinodinos did not seem able to clear that up in another excruciating interview of the campaign. Sinodinos said the budget was presented to the party room but some of the footnotes could have been missed. He added that there would be more consultation after the election.
So does all that mean voters could return the Coalition to government with a superannuation policy they will then change?
Sinodinos:
I’m not going to speculate on that.
Briefly, the transition to retirement changes mean that people withdrawing from their superannuation fund between the ages of 55 and 65 would in future pay 15% tax, rather than none.
Malcolm Turnbull used the strategy of telling the truth and admitting it was a tax increase.
So yes it is an increase in taxation but it is still a very concessional rate of tax and that is – it is very important – so super and transition to retirement still remains very concessional, but what we are doing is making the system fairer.
Government members have even put their names to their rumblings:
.@IanGoodenoughMP re super: "I have received a volume of correspondence from constituents objecting to the changes.." 1/2 @abcnews #ausvotes
— Eliza Borrello (@ElizaBorrello) June 1, 2016
"...it is a significant issue in this election, however the dilemma is to identify another area of revenue to target" given budget @abcnews
— Eliza Borrello (@ElizaBorrello) June 1, 2016
The treasurer, Scott Morrison, said the number of people in the transition to retirement stream was 115,000 and so was standing by the government figure that 96% of people were unaffected or better off.
So what did Bishop have to say about being stuck for details on Tuesday?
It’s certainly an opportunity for us to explain our superannuation changes.
Bishop is not the only politician not across the nitty gritty of her party’s superannuation policy. Sarah Hanson-Young was asked about taxing superannuation and said the Greens’ policy was to tax it like normal income. Her chief-of-staff sent her a text message to correct her and say the party wanted progressive tax rates but not at the same rate as income tax.
Asked again if it would be a tax on super contributions or earnings, Hanson-Young responded.
Sorry ... what?
Is this Bernardi’s dead cat?
Cory Bernardi has lobbed his own version of a dead cat on Wednesday morning linking to the blog of neo-masculinist Roosh V. The piece, titled “What is a Social Justice Warrior?”, takes on the “extreme leftwing” of “feminism, progressivism, and political correctness”. Roosh is out to find for that maligned class in our society – the white man. Roosh uses his platform to complain men have no platform and talk about the free speech being smothered.
“The idea of privilege is so essential to SJW ideology that a common debate tactic they use is to say ‘check your privilege’, which roughly translates to, ‘you must immediately halt or change your speech because your ancestors may or may not have done bad things to women or minority races’.” It’s certainly set social media alight, although Bernardi’s intention was not clear.
‘Horseshit’
Peta “Helpful” Credlin said the government needed to ensure its members were across the details of superannuation policy. She also knocked back Barnaby Joyce’s suggestions that Tony Abbott harboured ambitions of a comeback labelling it “horseshit” and saying Joyce needed to focus on the wombat trail (the traditional name for the Nationals’ campaign).
Water off a Barnaby’s back though:
Nor am I going to get into a debate on the equine minutiae of what’s happening on the trail. [I could] line up a whole range of people who’ve said worse things about me.
Joyce added he was not going to “commentate on commentators” the favoured line of Scott Morrison when asked about Credlin.
Now is as good a time as any to check in on the Abbott one-man campaign:
Tony Abbott has bought a lottery ticket at a newsagents during a street walk with a LNP candidate near Noosa @abcnews
— Frank Keany (@FJKeany) June 1, 2016
It’s the economy, dummy
A rare reprieve in the campaign – economy figures came out today and they were actually good. Though those stormy clouds remain on the horizon.
Australia’s economy is growing at an annual rate of 3.1%, which is much higher than the forecasts and the strongest annual increase since September 2012.
But.
The figure is mainly propped up by exports and disposable income has continued to fall in real terms.
Best of Bowers
Fancy seeing you here ... Mike Bowers captures Linda Burney and Bill Shorten doing a street walk in Burney’s Sydney electorate of Barton on Wednesday afternoon.
Further reading
• The third man: Greens leader Richard Di Natale campaigns his own way. Gareth Hutchens spent time with Di Natale who spoke about why it is beneficial to have both major parties complaining about them.
Election 2016: Behold, congregation of the Church of Innovation, here is Malcolm Turnbull (Fairfax Media). A great sketch from Amy Remeikis on Turnbull’s visit to Queensland on Wednesday.
Meanwhile, in the rest of the world ...
It is either Mary Poppins fans rejoice, or Mary Poppins fan despair: Emily Blunt will step into Julie Andrews’ shoes for the sequel.
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