In coming years, however, if Australia’s fiscal positions worsens, there may be more calls to save further revenue from superannuation concessions with some arguing already that all retirees should pay some tax on their superannuation income given the current tax-free super balances on retirement is $1.7 million.
It remains to be seen what the future holds, but for the time being Labor’s recent tax is a reasonable and fair reform in these tougher times where old and new policy demands are placing much greater pressure on the public purse.
In the end, Labor’s superannuation reform is indeed a sign that something has to give and there may be more reforms to come.
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About the Author
Chris Lewis, who completed a First Class Honours degree and PhD (Commonwealth scholarship) at Monash University, has an interest in all economic, social and environmental issues, but believes that the struggle for the ‘right’ policy mix remains an elusive goal in such a complex and competitive world.