Failure to further strengthen the compulsory super system would be disadvantageous to many future retirees and be an added burden on a later generation of taxpayers.
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Liberal senator Andrew Bragg is one of the Coalition backbenchers who oppose the scheduled superannuation guarantee rise to 12%. They are looking to the retirement incomes inquiry to leverage change.
Having more money now means less money, and more dependence, later.
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This week, Morrison told his backbench to keep their opinions in line or internal, appointed a man he’s personally close to as his new head of the Prime Minister’s department, and put the public service in its place.
The problem is that extra savings cut the pension, it isn’t the idea of extra savings.
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There is a case for not proceeding with, or at least deferring, the legislated increase in employers’ compulsory super contributions, but it isn’t the one the Grattan Institute makes.
Open and shut. Most Australians would be worse off over their lifetimes if compulsory super contributions were lifted.
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It is widely believed that compulsory super saves the government money on pensions. It does, but nowhere near enough to pay for the accompanying tax concessions. Lifting compulsory contributions will make things worse, for a century.
Half a million Australians aged 50 and over lost their homes in the first decade of this century.
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Demographics are making elections about tax concessions, and soon there will be no turning back.
The Grattan Institute’s Commonwealth Orange Book 2019 serves as a guide for what the next government should do, and what it should not try to do.
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Both sides have different perceptions about how what the government characterises as a “retirement tax” - the franking credits change – will play out politically.
You’ll be OK if you own, but fewer will.
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If you’ve got money and are in your mid-60s you’ll be able to funnel more into super without even working under a budget plan that makes a mockery of super.
Budget papers ready for packing at a printing facility in Canberra on Sunday afternoon. The budget will be delivered on Tuesday night.
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The promised surpluses won’t last unless we stop giving older Australians more and more and asking them to pay less and less.
Former Labor prime minister Paul Keating, the father of Australia’s compulsory superannuation system, with former prime minister Julia Gillard at Labor leader Bill Shorten’s campaign launch in 2016.
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