The Australian Greens have stolen a march on the major parties by embracing the growing push for reform to announce sensible changes to Australia’s superannuation system, which would see concessions more evenly distributed.
Under the Greens’ proposal, the current flat superannuation tax rate of 15% would be replaced with a progressive system that is closely based on a person’s marginal income tax rate. The proposal has been costed by the Parliamentary Budget Office (PBO) and is forecast to raise $10.3 billion in budget savings over the first three years, whilst still ensuring that superannuation remains a tax-effective investment for everyone.
