Opposition leader Peter Dutton has gone into bat for wealthy retirees making out like bandits from superannuation concessions, using Wednesday’s AFR Business Summit to launch a nonsensical attack on Labor’s modest superannuation changes.
Last month Labor announced that it will increase in the concessional tax rate for superannuation balances of more than $3 million, from 15% to 30% after the next federal election.
The super changes are expected to hit about 80,000 wealthy individuals, or less than 0.5% of all super accounts, and are expected to shave around $2 billion off the crippling ~$52 billion annual cost of superannuation concessions:
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