Every time a government raids people’s funds there are shades of Cyprus about it

Tony Abbott, when talking to  reporters in Melbourne about Labor’s latest changes to superannuation,  made the comment: “Every time a government raids people’s funds, there are shades of Cyprus about it“.

The main change in the new Super rules was:

Tax Free exemption on earnings above $100,000 a year will removed, and charged at 15%.
This is estimated to affect about 16,000 people in the 2014-15 tax year.

How accurate is that comment from Tony Abbott ?

Those people with high incomes from Super will pay more to the British Government.
Those Cyprus Bank customers with very high deposits will contribute more to the Cyprus government.
Shades of Cyprus – Yes or No?

The reaction from Labor, about Mr Abbott’s comments?

  • Finance Minister Penny Wong: “He behaves as a one-man wrecking ball”, and “This is a man who wants to be prime minister of the country making economically reckless statements”
  • Prime Minister Julia Gillard: “he is an “economic simpleton” with “a crazy statement that no person of reason could make” and “the situation in Cyprus is a genuine moment of economic crisis”.

Everyone seems to make over the top comments when they are in Politics, and always complain about the other side doing the same that they do. No wonder the average sensible voter just gives up.


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