Australian opposition leader Peter Dutton has warned that any plans by Labor to raise superannuation tax would be “detrimental” to Australians’ retirement plans.
The comment comes after Treasurer Jim Chalmers hinted at a cap on super balances over $3 million in the May budget, saying it will make super concessions more “affordable and sustainable.”
If implemented, the policy is expected to affect less than one percent of Australians who have more than $3 million in super. Chalmers noted that average balances for people in that upper category were about $5.8 million.
‘When They Run Out Of Money, They Come After Yours.”
Dutton argued that self-funded retirees, part pensioners and those who are looking forward to retirement would also struggle, if Labor raised the superannuation tax….