Treasurer Wayne Swan and financial services and superannuation minister Bill Shorten just announced big changes to Australia’s retirement system, and they were nowhere near as bad as people thought that they would be.
The changes, according to Swan, will only really effect people with more than $2 million in their super accounts, and will not be retrospective.
When asked if they thought they would get the changes through before the election, Shorten told reporters: “the Liberals would have to have rocks in their head to say no to this.”
Once the reforms kick in, people earning more than $100,000 a year will be hit with changes to concessional tax limits. The Government’s also setting up a superannuation council to oversee any future changes to the system.
Luckily, there’s more than 10 years until they start. And they’ve admitted that the proposals might not be drafted before the election, so it’s a policy the Labor Party will be hoping to take with them to another term.
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