|Inga –Today I announced Labor’s plan to restore fairness to our superannuation system.
Huge sums of money are paid out to some of the wealthiest Australians through superannuation tax concessions, in fact 10% of Australians receive 38% of superannuation tax concessions.
This government is going after the retirement income of pensioners but hasn’t had the courage to make hard decisions on these tax concessions.
Labor is willing to make these decisions and we’ve announced them today:
- If a retiree earns income from their superannuation account of more than $75,000 a year they’ll pay 15% tax on anything above $75,000 instead of no tax.
- We’re lowering the threshold on the additional 15% High Income Superannuation Charge from those who earn $300,000 to people who earn more than $250,000 a year, affecting around 110,000 people.
The changes announced today save $14.3 billion over 10 years. They are responsible, they are fair, and they are final.
It’s important we get the facts out there on this one. Because this policy is about two things – fairness and doing the right thing by our economy. Two things the Liberals would have you believe don’t go together.
Along with Labor’s crackdown to make multinational companies pay their fair share of tax, Labor has now put forward measures which improve the Budget bottom line over ten years by more than $20 billion – because we can only deliver the sorts of policies that Labor believes in if we have the revenue to pay for them.
This demonstrates how Labor will responsibly manage the economy and the Budget without cutting billions of dollars from pensions, health and education like the Liberals want to.
Thanks for standing with me on this,