When you add up all government support for retirement — super tax concessions and the age pension — you see that the top 5% of male income earners get $430K in government support, compared to $250K received by the bottom 10%. How is it that we have a retirement system that offers more state assistance to the wealthy than low income earners?
Labor's proposed reforms will tinker at the edges of this system to decrease concessions, but if we truly want to make our retirement system fair and sustainable, we need to fundamentally rebalance concessions so that more go to low income earners. And by ensuring more people are capable of saving for their own retirement, we'll spend less on the age pension – a win for all Australians.
Thursday 23 April 2015
Super tax concessions for male income earners - GetUp graph
Unbelievable. This from an email from GetUp today. Talk about unsustainable. Why has it taken so long for this to end up in the public arena?
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