New analysis calls for major changes including restrictions on concessions as the country risks having ‘two classes of state-funded retirees’
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Tax breaks for superannuation will cost the federal budget $52.5bn this financial year, almost as much as the aged pension, according to a new analysis.
A research paper by the Australia Institute argues that since super tax concessions cost almost as much as the $55.3bn spent on the pension, Australia has “two classes of state-funded retirees in Australia”.
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Continue reading...source https://www.theguardian.com/australia-news/2023/feb/03/superannuation-tax-breaks-will-cost-federal-budget-52bn-almost-matching-australias-age-pension
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