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More than half of older Australians support increasing taxes on high superannuation balances.
The federal government is controversially considering lifting taxes on super balances above $3 million from 15 per cent to 30 per cent, a move predicted to affect about 0.5 per cent of savers.
Amid protests from the Opposition, a survey conducted by National Seniors Australia on behalf of the Super Members Council shows that about 57 per cent of seniors approve of the change. The survey interviewed 3,000 individuals who are 50 years old and above.
‘Strong sense of fairness’
Super Members Council chief executive Misha Schubert said: “There seems to be broad Australian understanding about the importance of equity and sustainability in the super system, and a strong sense of fairness as the starting point.”
Schubert said the survey results appear to track with broader public sentiment on Labor’s bill.
Lower confidence in fairness among some Australians
While a significant majority of those surveyed believed the super system was strong and sustainable, comparatively fewer thought it was equitable.
Women, those with poorer health and Australians with less formal education had lower levels of confidence in its fairness, the report found.
Many of these demographics lack equal access to the benefits of superannuation due to a lack of employment opportunities or disrupted work histories.
But overall, older Australians almost universally understand the importance of super with 89.5 per cent believing it must be saved for retirement.
One in four respondents supported early release of funds beyond current rules.
Coalition’s housing plan
“Policy ideas that propose early release are dangerous and they make Australians poorer,” Schubert said.
