26 March 2007
Senator Minchin today undercut the Howard Government’s opposition to
Labor’s
investment in broadband using Telstra shares held in the Future Fund.
Senator
Minchin has admitted that:
• the Future Fund is well ahead of schedule; and
• future surpluses may not even be required to reach the target of meeting
unfunded public sector superannuation liabilities by 2020.
Reports today suggest that Government’s estimates show that the Future
Fund is currently
$20 billion and more than three years ahead of schedule.
Last week Peter Costello hysterically claimed:
"The Labor Party... is going to raid the Future Fund, steal from the future and make sure that Australia, when it comes to face the ageing of the population, is not provisioned properly... This is shameful economic vandalism.
These people are a group of tomb raiders... "
And an equally strident Prime Minister stated:
"What the man who sits opposite me proposes to do is to raid the savings of future
generations and make the burden on their backs even worse..."
Senator Minchin’s admissions have:
• revealed that these overblown theatrics were completely unfounded; and
• confirmed that the Labor Party’s policy will not put at risk the
Future Fund’s ability to
meet unfunded superannuation liabilities.
The Labor Party will re-invest up
to $2.7 billion from the sale of Telstra shares in a joint
venture with the private sector to provide world-class broadband to Australia.
Labor’s policy will generate productivity gains of up to $30 billion
per year and ensure
that Australians can compete with the rest of the world.
These productivity
gains will help Australia deal with the ageing population through
increasing economic growth, strengthening government finances and potentially
allowing for larger contributions to Future Fund.
Labor has guaranteed that the Future Fund will meet unfunded public sector superannuation liabilities by 2020.
26 March 2007
