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The Forum > Article Comments > Laborís superannuation policy change is sensible in these difficult fiscal times > Comments

Laborís superannuation policy change is sensible in these difficult fiscal times : Comments

By Chris Lewis, published 14/3/2023

But doing nothing would have been a poor option for Labor in light of the evidence which showed the many large super accounts had benefited greatly from successive governments allowing large annual contributions.

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The Albanese government seems determined to destroy personal wealth in line with the Great Reset, which advises that we will 'own nothing and we will be happy' - except for the billionaires and the political class, that is.
Posted by ttbn, Tuesday, 14 March 2023 7:22:05 AM
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ttbn,
A tax change that slightly adversely affects the richest half percent doesn't seem to fit that description. So what exactly are you referring to there? The interest rate rises do seem to be destroying personal wealth, but unfortunately they're the result of a bipartisan policy, and started when Labor was in opposition. And they're certainly not making anyone happy.
Posted by Aidan, Tuesday, 14 March 2023 8:29:07 AM
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If the Albanese Govt were to be truly committed to improve Superannuation they wouldn't start at 3 Million Dollars. By just dropping that benchmark to 2.5 Million they'd get twenty times more revenue but they'd lose voters. And, voters are more important to them than making things better for the economy i.e. people !
Posted by Indyvidual, Tuesday, 14 March 2023 9:08:00 AM
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Keeping all workers active in the workforce much longer than current retirement age, is a solid practical plan which would have savings to Government far past the use superannuation currently serves in avoiding the strain on welfare budgets.

Superannuation is pretty much worthless to most of the working class, and like negative gearing tax avoidance schemes, is a huge tax dodge benefiting the wealthy end of town far too much!
Posted by diver dan, Tuesday, 14 March 2023 9:44:50 AM
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Maybe, but it's tinkering at the edges when what is needed is a vast overhaul and reform. We have over a trillion in debt need reform and a return of equitable treatment.

If the highest tax rate on anything or anyone was an unavoidable 15% with no allowed offsets or exclusions, then the net tax take by the ATO would more than double. This rate would be a 2% increase on company tax given nobody pays more than 13% after allowable offsets and exclusions, with many paying as little as 4% and around 40% paying no company tax to anybody.

It has been said elsewhere that only 2 companies in Australia pay the net 13%. And that more than 64 billion are avoided via the vagaries of the global marketplace.

Will anything change apart from various politicians waxing lyrical at the dispatch box. Methinks not given, I believe, they're in it up to their eyebrows?
Alan B.
Posted by Alan B., Tuesday, 14 March 2023 10:24:18 AM
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Does anyone know what the total Bureaucrat cost is in Australia ?
By that I really mean bureaucrat, not Public Servant workers who actually provide a service !
Posted by Indyvidual, Tuesday, 14 March 2023 11:07:34 AM
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