The Grattan Institute says its proposed super measures would save more than six times as much as the government’s controversial plan to double the tax on earnings in big super accounts.
Mr Coates said the $3 million cap was “a sensible change” but just “the first step on a long path” to improving a super system which favours the rich and older generations.
This meant young people were unfairly footing the cost of increased public spending in aged care and health as Australia’s population grew older, he said, while retirees shored up savings in their super accounts.
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