The Treasurer promised a “double dividend” for members and the economy would come from investing alongside government, while also hinting at tax crackdowns.
“Right now, we’re on track to spend more on super tax concessions than the age pension by around 2050,” Dr Chalmers said.
“While all Australians can save for their desired lifestyle in retirement, this outcome ... is ultimately constrained by the need for equity and sustainability in the system,” the paper said. This could potentially pave the way for capping superannuation balances to clamp down on the practice of using these savings as a tax avoidance or estate planning tool.“This recognises that superannuation exists first and foremost as a savings vehicle to fund retirement, and not a pool of individuals’ savings to meet other lifetime costs,” it said.
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