Major superannuation changes have been ruled out by the Abbott government, just weeks ahead of the federal budget, further limiting options to rein in the estimated $45 billion deficit for 2014-15.And don't you just love the new assistant treasurer's comments about very rich people?
This comes on the back of Coalition promises to not change negative gearing and the GST, as well as a tumbling iron ore price, making the budget repair job even tougher.
Recent research from the Parliamentary Budget Office found that tax breaks for super account holders cost the budget $6 billion a year in lost revenue.
But Assistant Treasurer Josh Frydenberg, who is one of six ministers preparing the budget, insists super is safe.
"The Prime Minister's made very clear that we will keep our commitments not to introduce any unexpected or adverse changes to superannuation," he told Fairfax Media. more
Mr Frydenberg would not be drawn when asked to put a figure on what he thought "rich" meant today, noting the term meant "different things to different people".Well how about not denigrating the poor then? And you know what, success means different things to different people. Just because you have lots of physical wealth some may well not consider that as "success" in their books. Believe it or not for some people their whole lives don't revolve around money and assets. Money comes a poor second when considering issues such as love, friends, family, humankind.
But he said Australia needed to be "very careful as a society" on answering the question, "because what sort of society do you want to create?".
"We shouldn't seek to denigrate people who achieve success." more
Anyway, who's denigrating the rich? They're just following legislation. I'm having a go at gutless pollies that's all. I'm sure many rich people would consider a fairer tax system part of the sort of society they want to create and live in. Like I said, they're just following the law.
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