The super wars Treasurer Jim Chalmers promised to end are just heating up, as the opposition accuses Labor of breaking election promises. Dr Chalmers’ announcement of an objective of legislating superannuation last week quickly shifted the conversation to tax concessions.
The Turnbull Government had already made some reforms to superannuation, tightening tax concessions and making it harder for Australians to use superannuation to reduce their tax bill. However, the opposition has criticised Labor for breaking their election promise to make superannuation fairer and more accessible.
The plan, which is yet to be legislated, is to set an objective for superannuation that would ensure that superannuation accounts are managed in a way that would create a retirement income that is adequate to meet the retiree’s needs. The Coalition have accused Labor, who during last year’s election campaign promised no changes to the super system, of breaking their promise, despite the government’s adamant insistence that no decisions have been made.
