Treasurer Jim Chalmers has affirmed that retirees will continue to receive concessional tax treatment on their superannuation, despite calls for reform to address intergenerational equity. Speaking on ABC's Insiders program, Chalmers stated that the government has no plans to alter these measures, arguing that retirees 'still deserve' such treatment to encourage participation in the super system.
The comments follow a three-day productivity roundtable in Canberra, where discussions on tax reform highlighted the need to ensure fairness for younger Australians. Chalmers acknowledged that any changes to the tax system must consider intergenerational equity, but he emphasised that the government would not rush reforms. 'We need to ensure the fair go is the defining part of our future,' he said.
Chalmers confirmed that proposed changes to tax on super balances over $3 million would not be introduced in the upcoming parliamentary sitting fortnight but would be brought forward eventually. He described the measure as 'modest but meaningful,' aimed at making the system more sustainable. The changes are not expected to be calculated until the second half of next year.
The roundtable also saw support for a road user charge for electric vehicle drivers, but Chalmers assured that petrol car owners would not be taxed twice. Shadow treasurer Ted O'Brien criticised the government's spending, warning that additional taxes may be introduced to cover increased debt. O'Brien admitted the Coalition's opposition to broad tax cuts before the May federal election was a mistake.
