The State Government is considering raiding the state’s $30 billion public service Defined Benefits Scheme. The Premier says, they’ll borrow the super funds, to cover the cost of planned infrastructure projects.
Toby Crockford reports.
Treasurer Curtis Pitt’s announcement in Parliament today didn’t get the reaction he’d hoped.
Curtis Pitt, Queensland Treasurer: “Today I can confirm that the government is considering a range of options, including repatriating a portion of the large surplus in the QSuper Define Benefit Scheme, in accordance with advice from the State Actuary.”
The opposition gave a scathing assessment of the government’s latest source of funding.
Tim Nicholls, Leader of the Opposition: “They promised Queenslanders that they could fund infrastructure, they promised Queenslanders that they could deliver services, they said they could do it without adopting our plan and now we find that they have pulled the wool over Queenslanders eyes.”
There are also concerns government spending will continue to increase but not match up with revenue.
Premier Palaszczuk says the $30 billion fund with close to 50,000 public servants’ superannuation, is in a very strong financial position.
Unions say they’ve been guaranteed the money will be paid back, but they’re putting the Government on notice.
Alex Scott, Together Union Secretary: “Well, an attempt to attack our members’ accumulation funds or any attempt to walk away from the government’s guarantee in relation to the define benefits scheme, will be strenuously opposed by our union.”
If the government does dip into the superannuation fund, public servants will then have a choice, either take their money and run, or trust Premier Palaszczuk.
Toby Crockford, QUT News.