ANALYSIS: What the super tax debate means for government budget repair
It's a go-to topic for politicians wanting to make themselves popular just before an election. The three stage income tax cuts introduced by the Turnbull government — partly implemented by the Morrison government and endorsed by the Albanese government — are a good example.
In fact, history often shows the opposite effect. The graph below, for example, compares growth rates for US jobs and GDP after the 1993 US income tax increases and compares them with growth rates after the 2001 tax cuts. That's been a recurring problem in Australia, particularly in the new millennium. The short-term revenue bonanza from the first decade's mining construction boom was transferred into long-term income tax cuts and tax concessions — with nary a thought for the future impact on the budget and debt.'I still want a free lunch'Until 2007, all retirees paid tax on the earnings from their super funds, albeit at a concessional rate.
Bill Shorten tasted electoral defeat in 2019 after threatening to tinker with Australians' retirement and wealth assets.
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