Labor goes quiet on super changes

Labor will consult with the superannuation sector before committing support to the government's planned changes to tax concessions.

Money in a wallet (AAP)

Money in a wallet (AAP) Source: Money in a wallet (AAP)

Labor will go into Saturday's election without a position on the Turnbull government's planned changes to superannuation tax concessions.

Instead it will wait to consult the sector if it wins government.

"There are lots of moving parts here," shadow treasurer Chris Bowen told reporters in Sydney on Saturday.

Labor has expressed concern about the retrospective nature of a $500,000 cap on non-concessional contributions which has a starting point of 2007.

It is less concerned about a tax-free threshold on earnings that kicks in on accounts higher than $1.6 million.

"If you ask the superannuation sector would you rather have the government's policy or a policy in which we'll sit down and work the issues through, they would say the latter," Mr Bowen said.

There are indications the government is considering a tweak of the changes it outlined in the May 3 budget.

It has signalled it will be open to reasonable amendments that are bound to crop up when regulations are being drafted.

The government has copped sharp criticism from some of its own supporters angry the planned measures are aimed at wealthy retirees, prompting fears of a backlash in Saturday's poll.

Opposition Leader Bill Shorten said Labor in government would revisit the coalition measures to assess their workability.

"There's plenty of people saying that these changes will be very hard to implement," he told reporters in Melbourne.


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2 min read
Published 27 June 2016 3:16pm
Updated 27 June 2016 6:01pm
Source: AAP


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