Efforts to register a new political party to represent the interests of SMSF trustees at the next federal election have not been successful after it failed to demonstrate it had sufficient voting members before the election was called.
I Love SMSF founder and leader of the SMSF Party Grant Abbott said attempt to register the party was hampered by the need to provide a list of 500 party members, who were also registered to vote, to the Australian Electoral Commission, before registrations closed at the time the election was called.
“With more than 5,000 members, we sent a sample of 526 to the Australian Electoral Commission to ensure that the requirement of 500 members being on the voting roll was safe and secure,” Abbott informed party members via his blog and newsletter.
“However at the eleventh hour they came back and informed us that 27 of our members were not on the electoral roll and we had to resubmit, which we did immediately but the AEC did not get to them in time before the Prime Minister called the election,” he said.
Abbott admitted that even though he felt there was discontent with both of the major parties it was unlikely the SMSF Party would have made an impact even if it had been registered in time for the 18 May election.
“To be honest, my thinking is that we were probably not quite ready at this time to make a significant dent in the crowd. By the time of the next election with a potential recession in the offing, maybe a GFC in the wings and all the horrendous policies implemented and having an impact, by this stage the Australian electorate will be ready for another ‘keep the bastards honest’ party,” Abbott said.
He called on those who had not yet joined the party to do so claiming SMSF trustees and self-directed investors needed their own representatives in politics.
“I know deep down submissions go nowhere unless there is big money backers behind them, and that the only way to make change is in the hall of Parliament. So it is time to build, attack any measures and become united,” he said.
“By the time of the next election another 1.3 million Baby Boomers will have retired, so our membership will continue to swell and grow and become a lot more active.”