Earn some extra cash this Christmas with jobs at Australia Post. Picture: iStock
Earn some extra cash this Christmas with jobs at Australia Post. Picture: iStock

Demands for Labor to return $1b of super

TREASURER Josh Frydenberg will today demand Bill Shorten give Queenslanders back more than $1 billion in their superannuation.

As the Coalition and Labor trade political blows over their economic policies, the Treasurer has seized on new super laws yet to receive support to pass the Senate.

A key element of the Government's new super laws is consolidating members' accounts, banning exit fees and capping excessive account fees.

In Queensland alone there are 695,000 account holders who could increase their super by $1.34 billion in total just by recovering and consolidating super that is "lost" or in low-balance accounts.

"The Coalition Government is determined to ensure that every single Queenslander gets the best shot at retirement and the best possible outcome from their superannuation,'' Mr Frydenberg said.

"It is the Coalition that puts the interests of members first, rather than focusing on the interests of superannuation funds or unions. Labor needs to say today that they will vote in support of this legislation and put the interests of Queenslanders ahead of vested interests in unions and the superannuation industry.

"If Bill Shorten and the Labor Party were serious about improving the retirement savings of Queenslanders, they would stop prioritising their vested interest and instead support these measures which have been described by the Productivity Commission as 'must have' reforms."

Labor spokeswoman for financial services Clare O'Neil this week demanded members be treated better but did not reveal if Labor would support the Government's laws.

"A future Shorten Labor government simply will not stand by while millions of Australians have their savings eaten up by poor performance or fee gouging,'' she said. "In some instances it is clear that Australians would have been better off with their money sitting in a normal savings account than investing it in a super fund."