Blogotariat

The Grattan Institute has made a last-ditch plea for the Turnbull government to abandon the scheduled increases in compulsory superannuation contributions, saying they are already hurting wages.

A schedule to be confirmed on budget night will lift employers' contributions from 9.5 per cent of salary to 10 per cent in 2021, and then by an extra 0.5 points each year until 2025 when contributions reach 12 per cent.

Where are the billions coming from? In part, from property. This financial year Treasurer Tim Pallas will get $6.6 billion from property stamp duty, up from $5.4 billion in 2015-16. He will get $2.4 billion from land tax, up from $1.7 billion in 2015.