Labor’s “knee-jerk” change to the superannuation tax concessions is a “breach of faith” of Australians, says Shadow Finance Minister Jane Hume.
Her comments follow Prime Minister Anthony Albanese’s announcement on Tuesday to double taxes on super accounts holding over three million in funds from 2025, despite promising during the election there would be no major changes to super.
“It’s not indexed which means that three million today is going to be very different to three million in five years times– even in two years’ time when this kicks in,” Ms Hume told Sky News Australia. “For younger people that are saying ‘this won’t affect me’ – well when you retire, what will three million be worth then?
“So, this has all sorts of potential implications for lots of Australians, not just the first 80,000.Read More
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