The Australian’s Adam Creighton has revealed analysis from the Parliamentary Budget Office (PBO) suggesting that 710,000 younger and lower-paid Australians would oft-out of compulsory superannuation, and increase their take-home pay, if given the choice. And allowing this option would improve the Federal Budget by $1.9 billion a year by 2029:
An estimated 7 per cent of employees, including one-fifth of those under 30 on low incomes, would prefer to take their 9.5 per cent compulsory super contributions as wage and salary income, rather than lock up income in super accounts…
