Greens spokesperson for Treasury, Senator Peter Whish-Wilson, says the Government has missed an opportunity to pursue substantial reform and raise significant revenue from its proposed superannuation package.
“Today the Government caved in on the substantial reforms needed to address the perversities in the superannuation system that allow the wealthy to use their superannuation as a tax haven.
“The Greens estimate superannuation concessions cost Australian tax payers nearly $30bn per annum. The government is only proposing to cut these by 10%.
“Whilst some concessions are necessary to incentivise savings, many are simply used by the wealthy to minimise tax, which means less money for our schools and healthcare.
“Superannuation reform isn’t just needed for revenue’s sake alone. It is also needed to tackle the growing inequality in Australia where some very high-wealth individuals continue to get further ahead through use of massive tax-loopholes designed just for them.
“It is disappointing that Labor, together with Eric Abetz and George Christensen, was able to pressure the Government to keep these superannuation loopholes alive to protect the rorts of a wealthy few,” he concluded.