Senator Jane Hume says the government's superannuation tax changes 'will cost Australians more and more as the years wear on,' as new treasury modelling shows the changes will affect 10 per cent of Australians by 2050.
The Albanese government last week proposed doubling the tax rate on superannuation earnings for funds with balances over $3 million – with the tax rate on these earnings increasing from 15 to 30 per cent.
“Labor have not just gone back on a promise, but they’ve developed a policy that by its intentional design features will cost Australians more and more as the years wear on,” Senator Hume said. The number 10 per cent doesn’t seem to mean an awful lot to people, however today the top 10 per cent of income earners earn above $131,000 – that doesn’t sound like an awful lot. So you can understand why people can be rightly nervous,” Senator Hume said.
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