Treasurer Chris Bowen
Treasurer Chris Bowen Inga Williams

Freeze to designed to 'promote stability' in superannuation

LABOR has promised not to tinker with superannuation policy for five years if it regains government at the next election.

Treasurer Chris Bowen said the five-year freeze, which was effective immediately, was designed to "promote confidence and stability" in the superannuation system.

The promise would be enshrined in law if Labor wins the next election, which increasingly looks like being held on September 7.

Mr Bowen said the government would also bring forward legislation to establish the Super Council to ensure any future changes to superannuation were consistent with an agreed Charter of Superannuation Adequacy and Sustainability.

"The charter will include the commitment to a five-year moratorium on changes to superannuation tax policy," Mr Bowen said.

"Prior to the conclusion of the five-year moratorium, the council would conduct a transparent review of the issues that need to be addressed, through the issuing of discussion papers and a thorough consultation process."

The government introduced a raft of changes to superannuation policy in April, including the introduction of a 15% tax on earnings over $100,000.