Albanese Government Reforms Superannuation System
The Australian Council of Trade Unions (ACTU) has welcomed changes to the superannuation system made by the Albanese Government, aimed at creating a fairer system for workers.
The changes address inequities introduced by previous Coalition Governments, including the Low-Income Superannuation Tax Offset (LISTO), which had not been adjusted to keep pace with the tax system.
By lifting the LISTO, a part-time aged care worker will take home an additional $60,000 at retirement, according to Super Members’ Council modelling.
The reforms ensure low-income workers will not pay more tax on their super than on their take-home pay, resulting in thousands more at retirement. This support will benefit those who need it most.
The announcement is part of a broader effort to make the superannuation system fairer, including reining in excessive tax concessions on high super balances.
Author's summary: Albanese Government reforms superannuation for fairness.