Superannuation tax breaks will cost federal budget $52bn, almost matching Australia’s age pension
by Paul Karp from World news | The Guardian on (#68F17)
New analysis calls for major changes including restrictions on concessions as the country risks having two classes of state-funded retirees'
Tax breaks for superannuation will cost the federal budget $52.5bn this financial year, almost as much as the aged pension, according to a new analysis.
A research paper by the Australia Institute argues that since super tax concessions cost almost as much as the $55.3bn spent on the pension, Australia has two classes of state-funded retirees in Australia".
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