The Australia Institute (TAI) has called for major changes to superannuation tax concessions, including the abolition of tax breaks for people with large super balances.
The institute’s analysis shows that super tax breaks will cost the federal budget $52.5 billion in 2022-23, which is slightly less than the $55.5 billion annual expenditure on the age pension.
In contrast, the National Disability Insurance Scheme is slated to cost $35.5 billion and the federal government will provide $26.6 billion in funding for hospitals.
