Albanese Government Reforms Superannuation System
The Australian Council of Trade Unions (ACTU) has welcomed changes to the superannuation system made by the Albanese Government, aimed at creating a fairer system for workers.
The changes address inequities introduced by previous Coalition Governments, including the Low-Income Superannuation Tax Offset (LISTO), which has not been adjusted to keep pace with the tax system.
- Part-time aged care workers will take home an additional $60,000 at retirement, according to Super Members' Council modelling.
- Low-income workers will no longer pay more tax on their super than on their take-home pay, resulting in thousands more at retirement.
The reforms will make the superannuation system fairer and provide support to those who need it most.
These changes, combined with the Government's plan to limit excessive tax concessions on high super balances, will create a more equitable superannuation system.
Author's summary: Albanese Government reforms superannuation for fairness.
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