Treasurer Jim Chalmers has confirmed that retirees will continue to receive concessional tax treatment on their superannuation, despite calls for tax system reform. Speaking on ABC's Insiders program, Chalmers said the government has no plans to change these measures, which are designed to encourage superannuation savings.
Chalmers emphasised the importance of intergenerational fairness, stating that younger Australians deserve a 'fair go' as part of any tax changes. The comments follow a three-day productivity roundtable in Canberra, where tax reform was discussed but no immediate policy shifts were announced.
The treasurer also confirmed that proposed changes to tax on super balances over $3 million will not be introduced in the upcoming sitting fortnight, but will be brought to parliament later. The measure, described as 'modest but meaningful,' aims to make the system more sustainable and will not take effect until the second half of next year.
Shadow treasurer Ted O'Brien criticised the government's spending, warning that increased taxes may follow if spending is not controlled. He acknowledged the Coalition's error in opposing broad tax cuts ahead of the May federal election.
