Superannuation

The retirement system in Australia is built on the assumption that the majority of people will own their homes.

The 2023 Intergenerational Report (IGR) that because of Australia’s compulsory superannuation system, the federal budget will spend less on aged pension despite doubling of retirees.

Deputy opposition leader Sussan Ley has slammed a proposal by 43 industry groupings to reform the superannuation system so that a portion of the funds are set aside to cover an individual’s aged care arrangements.

Three years ago, the Australian Treasury’s Retirement Income Review was released, which lamented that superannuants have been extremely hesitant to draw down their nest eggs.

Almost one-in-four retirees have no intention of using their superannuation nest eggs to pay for their retirements, according to a recent survey of more than 3,000 pensioners conducted by National Seniors and annuity provider Challenger.

Opposition leader Peter Dutton has gone into bat for wealthy retirees making out like bandits from superannuation concessions, using Wednesday’s AFR Business Summit to launch a nonsensical attack on Labor’s modest superannuation changes.

The Association of Superannuation Funds of Australia (ASFA) has urged the federal government to implement measures aimed at reducing the gender retirement savings gap.

The Australian, The AFR and the opposition parties continue to scaremonger over the Albanese Government’s announced increase in the concessional tax rate for superannuation balances of more than $3 million, from 15% to 30% after the next federal election.

The media is full of righteous indignation over the Albanese Government’s announcement that it will increase the concessional tax rate for superannuation balances of more than $3 million from 15% to 30% after the next federal election.

The Albanese Government yesterday announced that it will increase the concessional tax rate for superannuation balances of more than $3 million from 15% to 30%.

Below is an article written for News.com.au: Last week saw the Albanese government release a consultation paper to enshrine an objective for superannuation in law.

Treasurer Jim Chalmers on Thursday said the government has ruled out a higher tax rate on super contributions or earnings.

This week, the Albanese Government released a consultation paper to enshrine an objective for superannuation in law.

Australia’s superannuation system has come into the spotlight this year with AustralianSuper, HESTA and Aware Super among large industry players calling for a $5 million limit on account balances in order to improve equity and stem the cost of superannuation concessions to the federal budget.

The Australian Treasury’s Retirement Income Review complained that superannuants have been highly reluctant to draw down their nest eggs.

Of all the legal tax dodges in Australia, it’s hard to go past superannuation.

AustralianSuper, HESTA and Aware Super are among the major superannuation funds calling for a $5 million limit on account balances, a figure that has been suggested by Financial Services Minister Stephen Jones.

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.

Last month’s federal budget announced a “new housing accord” that would aspire to “build one million new, well-located homes over five years from 2024”.

Last month’s federal budget announced a “new housing accord” that would aspire to “build one million new, well-located homes over five years from 2024”.

The SMSF Association chief executive, John Maroney, has lambasted a proposal to scale back tax concessions for large self-managed superannuation funds (SMSFs).

In last month’s federal budget, Treasurer Jim Chalmers announced a “new housing accord” that would aspire to “build one million new, well located homes over five years from 2024”.