Making Super Fairer

Today Labor has announced a policy that will ensure Australia’s retirement savings system is fair and sustainable into the future.

Aside from being good for fairness, they are also good for the Budget, saving $14.3 billion over 10 years.  At the moment, 10 per cent of Australians receive 38 per cent of all superannuation tax concessions. I don’t think that’s fair.

We want to ensure that earnings over $75,000 are taxed at a concessional rate of 15 per cent in the retirement phase, instead of being tax free. The current system introduced by Howard disproportionately benefits high income earners at the cost of everyday Australians.

Labor will also lower the threshold on the High Income Superannuation Charge from $300,000 to $250,000 a year to better align tax concessions received by those on very high incomes with those on average incomes.

Together with Labor’s plan to make big multinationals pay a fairer share, these changes will return more than $20 billion to the Budget over the next decade.

The independent Parliamentary Budget Office has fully costed these measures. Only Labor can responsibly manage the Budget without stifling economic growth or cutting billions of dollars from pensions, health and education like Tony Abbott and Joe Hockey want to do.

You can help me work towards a Labor Government today by going to http://walabor.org.au/join or calling my office and telling my team you want to join Labor and work towards a fairer Australia for everyone.

Sue