Super switch presented simply
Lessons could be learned from Australia’s newest superannuation expert – a 10-year-old girl.
Social activist group GetUp! has posted a video featuring a primary school student explaining the problems with superannuation tax concessions, and proposing ideas for reform – all in under two minutes.
“A whopping $32 billion per year are wasted on tax breaks for the wealthy, while low income earners struggle to save for their retirement. The system's completely upside down,” GetUp! says.
The group said the ALP’s proposals this week were a good start to the conversation.
Federal Treasurer Joe Hockey has indicated he might be willing to join the conversation, by looking at superannuation concessions as part of the tax white paper process.
Until then, he appears unwilling to entertain the ALP’s blustering.
“We will have a look at the details, but I am always sceptical about Labor coming up with new taxes,” Mr Hockey told reporters after his address at an Australian Israel Chamber of Commerce lunch in Melbourne.
“Mr Shorten is making it up as he's going along. Last time he tried this the Treasury said it was un-implementable in various ways.
“We have a tax white paper; we have a proper process. Quite frankly we've said if they are integrity measures they should be looked at,” he said.
GetUp! has put the pressure on Labor to bring its A-Game as well.
“If we want the Government to feel the pressure to come up with a fairer super tax concessions policy of their own, and the ALP to step up and expand their reform program, we need to act – and the next fortnight, in the lead up to Budget, will be critical,” the group says.
The video for GetUp!’s superannuation campaign is available below.