Australian Deputy Prime Minister Barnaby Joyce at a swearing-in ceremony at Government House in Canberra on Thursday, Feb. 18, 2016.
Australian Deputy Prime Minister Barnaby Joyce at a swearing-in ceremony at Government House in Canberra on Thursday, Feb. 18, 2016. AAP Image - Mick Tsikas

No dice on super opt-out for low-income earners

DEPUTY Prime Minister Barnaby Joyce has poured cold water on suggestions low-income earners could opt out of compulsory superannuation payments.

An unnamed industry group purportedly put forward the idea in pre-budget submissions.

The concept would see people earning around $37,000 a year score $63 a week instead of having the money go into super funds.

Mr Joyce told Sky News this morning that saving for retirement was not something his government about to change.

"We obviously want those who can save to save and not rely on the pension," he said.

"We've got to reduce our expenditure and one of those expenditures, one of the biggest ones when you get your (tax) receipt, is welfare payments.

"Therefore, anything we can do to help people be self-sufficient - we should drive that."

Meanwhile, Mr Joyce said Labor's plan to curb negative gearing to make housing more affordable would hurt home-owners.

Mr Joyce said mortgage holders paying off homes that were worth less than the amount they owed if the concept went ahead.

"There are two sides to every coin," Mr Joyce said.  - APN NEWSDESK



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