The federal Coalition takes aim at the government's decision to open a conversation about superannuation changes, with Treasurer Jim Chalmers saying Labor does not want to 'revolutionise' the system but is open to tweaking it.
That means people who make extra contributions to their super both boost their retirement savings and reduce the amount of personal income tax they have to pay.
"I'm not taking shots at anybody with lots of money, good on them. Genuinely. I genuinely want more people to be successful. The question really for us is, can we continue to pay big tax concessions when you weigh that up against some of the other things that I want to fund in the Budget?"But Mr Chalmers made it clear the government did not intend to overhaul or make major changes to the system.
"But if it requires some kind of tweaks to make sure that we can afford it in the longer term, then I think as a responsible treasurer, then I need to be open to that."
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Superannuation wars updates LIVE: Coalition will seek to block Labor super changesOpposition Leader Peter Dutton says the Coalition will seek to block any legislative changes to the superannuation system. Follow updates here.
Read more »
Coalition to fight superannuation changesThe Coalition is hitting back against Labor over their plans to change superannuation tax concessions for the rich. In a speech to the super industry, The Shadow Treasurer will today argue Labor has 'no mandate to tax and spend' Australians' retirement savings. Angus Taylor will also reaffirm the Coalition's pre-election promise of accessing super early for first-home buyers. The Treasurer has hinted at a $3 million super cap in the May budget while assuring that most savers won't see a change to concessional tax rates.
Read more »
Changes to super would see Labor break election promise: Sussan LeyDeputy Liberal leader Sussan Ley says the government will have broken an election promise if it makes any changes to superannuation. “Leading into the election the government said they would give you cheaper mortgages, give you cheaper electricity, they wouldn’t touch your superannuation,” she told Sky News Australia. “And right now, we are seeing them … flying various kites. “And not equivocally answering the question about what they might do with superannuation, even in the next budget.”
Read more »
Labor is ‘coming for our super’: KennySky News host Chris Kenny says Labor is coming for our super and “can't wait to get its hands on it”. “Labor rejects the Coalition idea of first home buyers being able to use some of their own super savings to help them get into the housing market,” Mr Kenny said. “Instead, it wants the union-controlled super funds to use your savings on their pet projects, social housing, and even more renewable energy – they're appropriating your super savings to fund their woke agenda. It is theft.”
Read more »
‘Absolutely not’: Jones insists Labor is not breaking promise on SuperAssistant Treasurer Stephen Jones has maintained that Labor is not breaking an election promise by proposing changes to concessional tax breaks in Australia’s $3 trillion Superannuation system.
Read more »
IBAC finds former Labor minister misused position on $31b super-city dealTheo Theophanous lobbied for a Chinese-backed consortium to win a huge deal to build a super-city in East Werribee, accepting donations for his daughter’s election campaign in lieu of payments.
Read more »