$600 million for Superannuation in Budget

2.23 pm

The Government's Budget announced this afternoon includes an initial contribution of $600 million to the Government's new superannuation fund.

Transfers into the fund in following years would be $1.2 billion in 2002-2003, $1.8 billion in 2003-2004 and $2.5 billion in 2004-2005.

Finance Minister Michael Cullen says securing superannuation is vital because almost half of all superannuitants rely on it as their sole source of income.