Brendan Coates, Grattan Institute Want more to retire on?In its long-awaited final report on the efficiency and competitiveness of Australia’s leaky superannuation system, Australia’s Productivity Commission
BRENDAN COATES, GRATTAN INSTITUTEIt’s conventional wisdom that Australians don’t save enough for retirement.
Some odd promotions, if you ask me:
At last, an end to the Reserve Bank’s two-year freeze on interest rates is in sight. But not this year, and not because of particularly high wage growth.
The third and final stage of the government's proposed income tax cuts would overwhelmingly benefit men, late evidence presented to the Senate inquiry shows.
The inquiry will report on Monday that calculations prepared by the Parliamentary Budget Office show 1.894 million men would benefit from the final flattening of the tax scales and only 767,000 women.
If women were to be taxed differently to men, it wouldn’t be the first time.
Treasurer Scott Morrison says the idea is absurd.
“You don’t fill out pink forms and blue forms on your tax return. It doesn’t look at what your gender is any more than it looks at whether you are left-handed or right-handed,” he said last week.
He even said, wrongly, that Labor has been suggesting it.
But such a move has happened before.
Here’s how you can tell the Productivity Commission was spot-on in its assessment of the superannuation system.
Not a single part of the industry, not one, has explicitly endorsed its key recommendation.
That’s because it is intended to help us: users of superannuation who depend on the industry.
The biggest shakeup in the history of Australia’s $2.6 trillion superannuation system would see new workers able to choose an approved high-performing fund for life, saving as much as $407,000 by avoiding underperforming funds and multiple accounts.
