Jim Chalmers will propose slamming the door shut on early access to retirement savings when he unveils Labor’s long-awaited objective for superannuation on Monday.
Jim Chalmers will propose slamming the door shut on early access to retirement savings when he unveils Labor’s long-awaited objective for superannuation on Monday, with the policy to spark renewed calls to scale back generous tax breaks.
Once legislated, future changes to superannuation will need to be consistent with its official objective, though some experts say itLabor’s use of the word “preserve” will be read as an attempt to limit future governments from letting people withdraw from their superannuation during economic downturns or to buy their first home, whichDr Chalmers will say that some of the most “disastrous” policies seen in recent years, including the Morrison government’s pandemic-era early access scheme,...
The mention of equity and sustainability is also a win for advocates of scaling back tax breaks on superannuation contributions and earnings, who say the incentives disproportionately benefit high-income earners and people who already have large balances.
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