The federal government has introduced a five-year freeze for superannuation law changes, Treasurer Chris Bowen announced this morning.
Bowen said the freeze means taxpayers can be assured the rise to a 12% superannuation guarantee, increased caps and tax cuts for low-income works will be enshrined in law.
“This will be enshrined in legislation by a re-elected Rudd Labor government,” Bowen said in a statement.
“This will give Australians the confidence to make investment decisions in the knowledge that the rules will not be subject to constant change.”
However, shadow assistant treasurer Mathias Cormann said similar promises had been made prior to the 2007 election.
“We now know that Kevin Rudd broke that promise in his very first budget after that election and every budget after that,” Cormann said in a statement, according to AAP.
“Kevin Rudd, from the 2008 budget onwards, initiated a massive ramp up in taxes on superannuation.”
Vodafone caps global roaming charges
Telco giant Vodafone has announced it will cap charges for global roaming usage at just an extra $5 per day.
The decision is likely to have a significant impact within the telecommunications industry, which is known for charging extremely high rates for overseas usage.
The new scheme will apply to people visiting the United Kingdom, the United States and New Zealand.
“Australians’ love affair with smartphones is well known but an increasing number of customers have been getting caught out by unacceptably high bills when they’re overseas, particularly in relation to data usage,” said Vodafone chief executive Bill Morrow in a statement, according to The Australian.
“$5 a day to use your normal plan overseas is the cost of a coffee in New York, London or Auckland.”
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Shares higher despite weak offshore leads
The Australian sharemarket has opened slightly higher this morning, despite flat leads from offshore markets.
The benchmark S&P/ASX200 index was up 38.3 points or 0.8% to 5085.5 at 11.50 AEST, while in the United States the Dow Jones Industrial Average fell 1.4 points or 0% to 15,520.6.