Older Aussies back increased superannuation tax

Perth Now

2 days ago

Most older Australians support increasing taxes on high superannuation balances.
The federal government is controversially hoping to lift taxes on super balances above $3 million from 15 per cent to 30 per cent in a move predicted to impact about 0.5 per cent of savers.
Despite outcry from the opposition, about 57 per cent of seniors endorse the change, according to a survey of 3000 people aged 50 and older conducted by National Seniors Australia for the Super Members Council.
The results appear to track with broader public sentiment on Labor's bill, Super Members Council CEO Misha Schubert said.
"There seems to be broad Australian understanding about the importance of equity and sustainability in the super system, and a strong sense of fairness as the starting point," she told AAP.
While a significant majority of those surveyed believed the super system was strong and sustainable, comparatively fewer thought it was equitable.
Women, those with poorer health and Australians with less formal education had lower levels of confidence in its fairness, the report found.
Many of these demographics do not have equal access to the benefits of superannuation because of a lack of employment opportunities or disrupted work histories.
But overall, older Australians almost universally understand the importance of super with 89.5 per cent believing it must be saved for retirement.
Just one in four supported early release of funds beyond current rules.
But the coalition has continued to push a housing plan that would allow first-time home buyers to access up to $50,000 from their super to put down a deposit, despite protests it would raise house prices and leave savers worse-off in the future.
"Policy ideas that propose early release are dangerous and they make Australians poorer," Ms Schubert said.