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Scott Morrison will cut superannuation tax concessions in his first budget

Scott Morrison. Stefan Postles/Getty Images

Tax concessions for superannuation will shaved in the May federal budget, treasurer Scott Morrison has confirmed.

He told the Australian Financial Review Business Summit 2016 that superannuation was beginning to exceed its role in retirement savings.

Morrison says the Coalition policy would be consistent with the definition that super should be used to fund retirement and not as a wealth creation tool.

“At over $2 trillion the national savings box can be ticked,” he told the conference. “It’s not an estate planning tool, that’s not what we believe superannuation to be.”

He gave no detail on the changes to tax concessions.

The Labor Opposition policy is to increase contributions tax to 30% from 15% for people earning more than $250,000 and to tax retirement earnings of more than $75,000 a year at 15%.

Currently retirement benefits paid from superannuation to those aged 60 or more are tax free.

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