Treasurer signals major superannuation shake upBY ALEX DUNNIN | TUESDAY, 20 MAY 2014 12:05PMTreasurer Joe Hockey has given the strongest signal yet that the government will be introducing sweeping reforms to bring superannuation into sync with age pension reforms that were announced in last week's budget. Related News |
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These proposed changes to superannuation are being driven by young people in the Treasury and will come back and bite the government hard at the next election.
In 1964 to 1967 there were changes made to the income tax assessment act whereas a social security levy was added to the general tax rates across the board. People were told at that time this would pay for the aged pension when they retired.
Well why does it not pay for the age pension? Entirely due to too many public servants, too much government, a large waste of money on fluffy social welfare programs that produce feelgood outcomes but no real change, and the fact that governments have been using Centrelink payments as a tool to bribe voters.
If Joe hockey touches any part of the superannuation system in relation to access provisions then he is finished as Treasurer. Simple as that.