Teal MPs say capping superannuation at $3m might undermine confidence in saving for retirement

Despite this pushback, most crossbench MPs remain open to debate, and several independent senators have spoken in favour of curbing some super tax concessions to help budget repair

Independent MPs including Kylea Tink, Zoe Daniel and Zali Steggall have said that capping superannuation balances at $3m may undermine the confidence of people saving for retirement.

The teals have joined the Coalition in warning against capping, which appears to be the most likely measure to implement Labor’s objective for super to be “sustainable and equitable”, saying the government should look to raise revenue elsewhere, including company profits and tax evasion.

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Medibank records profit rise despite data breach – as it happened

This blog is now closed

Husic refuses to comment on crossbench negotiations over coal and gas

Moving on from science and industry, Ed Husic is asked if the approval for Santos to expand its Queensland gas field has killed off the government’s negotiations with the Greens over the national reconstruction fund (which Husic has carriage of) and safeguards (where there is a little crossover with Husic, because of manufacturing).

I’m very grateful for their engagement, all the engagement from the crossbenchers, and I’ve sought to make myself as available as I possibly can to work through issues some stuff we agree on some stuff we don’t I would love to go into the ins and outs of it, but I’d rather private negotiations sort themselves out because they will obviously be made public very soon and people that rightly expect that to happen.

But, you know, I am grateful that some of those points that are raised because from our point of view, and I think you heard in the PM’s speech yesterday – we take a view as a government that we’re not the holders of all knowledge, that we do accept, accept and expect people to provide their input so that we can build a better outcome.

I think what we’ve tried to do as a government is say we’re going to make decisions in the way that they’re supposed to.

We don’t want decisions to be politicised. We want them to be done a national interest and there’ll be pathways to making decisions that will be quite separate. So the big thing coming to your question, the answer I would, I would give you is they’re separate things.

I want them [the public] to answer that question.

I want them to guide us in the way in which we shape research priorities into the future. The last time that we actually updated these national science and research priorities was in 2015, back when Malcolm Turnbull took over as prime minister, a lot has happened since then.

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Jim Chalmers signals cap on super balances to rein in tax concessions for wealthy

The treasurer suggested that the small percentage of people with pots over $3m should not receive tax benefits, but prime minister more cautious

Treasurer Jim Chalmers has signalled the government could cap superannuation balances as part of efforts to rein in generous tax concessions that benefit Australia’s wealthiest retirees.

After starting the conversation on the “sustainability” of the super tax concessions on Monday, the debate has narrowed on the small percentage of superannuants with more than $3m in their retirement accounts.

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Greens and crossbench join Coalition to hand Labor first major defeat in parliament

Senate blocks attempt to water down super funds’ transparency rules

The Greens and Senate crossbench have teamed up with the Coalition to hand the Albanese a major parliamentary defeat, disallowing its regulations watering down superannuation funds’ transparency.

The Greens joined the Senate revolt on Thursday, after warning earlier in the week it intended to help defeat Labor because the government backflipped on the unrelated issue of million-dollar fines for bankers.

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Superannuation tax breaks will cost budget $52bn, almost matching Australia’s age pension

New analysis calls for major changes including restrictions on concessions as the country risks having ‘two classes of state-funded retirees’

Tax breaks for superannuation will cost the federal budget $52.5bn this financial year, almost as much as the aged pension, according to a new analysis.

A research paper by the Australia Institute argues that since super tax concessions cost almost as much as the $55.3bn spent on the pension, Australia has “two classes of state-funded retirees in Australia”.

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News live updates: Australian leaders react to Jacinda Ardern’s shock resignation; Queensland braces for severe storms

Student debt cut for teachers who go rural; WA to ban display and possession of Nazi symbols. Follow the day’s news live

Growing impact of climate disasters on mental health revealed

In case you missed it, a new poll commissioned by the Climate Council shows that four in five Australians have experienced some form of natural disaster at least once since 2019.

This coal cap scheme will see NSW doing our part at the request of the Albanese government to contribute to the national solution of this national problem.

I know those currently providing coal for the local market will appreciate that companies enjoying super profits on the back of the war in Ukraine will now do their part for the domestic market.

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Number of underperforming super funds reduced and fees cut under Coalition reforms, thinktank finds

Grattan Institute urges Albanese government to retain strict criteria and annual performance tests

The Coalition’s last round of superannuation reforms has already reduced the number of underperforming funds and cut their fees by an average of 20%.

That is the conclusion of a Grattan Institute submission to the Albanese government’s review of the Your Future Your Super reforms, which urges it to retain a strict test for underperformance and improve the process for selecting default funds.

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Australia’s highest and lowest income suburbs: how does your postcode compare?

Western Australia’s Cottesloe and Peppermint Grove the top-earning area while five of the lowest are in regional NSW

Australia’s highest and lowest income suburbs have been revealed in new data released by the Australian Taxation Office.

The data, based on nearly 15m tax returns from 2019-20, reveals the median income and super balances of Australians in each postcode across the country.

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Australian superannuation industry leaders to visit Indonesia to turbocharge business ties

Former Labor frontbencher Greg Combet says group will examine viability of infrastructure investment opportunities as Australia tries to move past its reliance on China

Former Labor frontbencher and chair of IFM Investors Greg Combet will lead a high-powered delegation of leaders from the superannuation industry to Jakarta next month as part of efforts to turbocharge the economic relationship between Australia and Indonesia.

Combet has confirmed the group will examine the viability of investment opportunities in infrastructure on the back of a successful visit in June, when Anthony Albanese took a business delegation to Jakarta during his first visit to the country as prime minister.

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Australian federal election 2022 live: Albanese calls Coalition housing scheme ‘an attack on future generations’; AEC finds signs in breach

Anthony Albanese labels Coalition housing scheme ‘an attack on future savings’; AEC says Advance Australia ‘Greens’ signs in breach of electoral act; home price increases will be ‘marginal’ under new plan, Scott Morrison says; PM says Labor was informed about Aukus when they ‘needed to be’; NSW records four Covid deaths. Follow all the day’s news live

Labor campaign spokesperson Jason Clare has a new line.

He told ABC TV:

The next week is really important. Australians have a big choice to make this weekend. It is a choice between a better future under Labor and more Scott Morrison.

As Australians think about this, they would be thinking “Do you want to wake up on Sunday morning and roll over and see Scott Morrison?”

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Coalition minister concedes plan to allow first homebuyers to access super will push up house prices

Allowing access to up to $50,000 of retirement savings ‘like throwing petrol on a bonfire’, industry super group warns

The Coalition has conceded its plan to allow first homebuyers access to superannuation will push up prices, as industry super and progressive thinktanks warned it could add tens of thousands to the cost of a home.

The policy, unveiled at the Coalition launch on Sunday, to allow first homebuyers access to up to $50,000 of retirement savings has prompted warnings that house prices in Sydney could increase by as much as $134,000.

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Scott Morrison uses Liberal party campaign launch to set up housing battle with Labor

PM announces spending boosts and ‘game changer’ for first-home buyers ahead of final election campaign week, as he urges voters to stick with government at polls

Scott Morrison has promised Australians a “new era of opportunity” if re-elected, while pitching a fight with Labor over a centrepiece housing policy to allow first home-buyers to tap into their superannuation savings.

Setting up a contrast with Labor for the final week of the election campaign, the prime minister used the Liberal party’s official campaign launch to promise a new super home buyer scheme that would allow people to access up to $50,000 of superannuation savings for the purchase of a first home.

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Josh Frydenberg’s office intervened in superannuation consultation paper, FOI documents reveal

Treasury department emails show discussion was had about linking proxy advisers with compulsory super

Josh Frydenberg’s office intervened in the drafting of a consultation paper to make sure it linked proxy advisers to the issue of compulsory superannuation, a key battleground in the political war over retirement savings, internal Treasury documents show.

The documents, released to Guardian Australia under freedom of information laws, also reveal the paper was developed in just one week.

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Coronavirus Australia live update: no further Covid restrictions in Victoria but next 24 hours ‘critical’ as Melbourne cluster grows to 15 cases

Hundreds urged to get tested after positive cases went to a Collingwood game at the MCG, a salon in Bendigo and more cafes in Melbourne inner-city suburbs

Meanwhile

Water minister Keith Pitt has introduced legislation to establish the office of the Inspector-General of water compliance.

(Its the job he gave to Troy Grant, and a lot like the job David Littleproud gave to Mick Keelty sans powers).

This is well worth a read

Related: Snowy Hydro chief executive tells inquiry he’s known owner of NSW gas plant site for 40 years

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Liberal MPs say super guarantee rise could be used to pay for aged care

An increase from 10 to 12% could fund royal commission recommendations without an income tax levy, Jason Falinski and Katie Allen say

Liberal MPs have proposed setting aside the increase in the super guarantee from 10 to 12% to fund healthcare in later life and aged care, as a means to pay for royal commission recommendations without an income tax levy.

Jason Falinski and Katie Allen called for consideration of the idea in comments to Guardian Australia after Scott Morrison described the minimum estimated $10bn a year of funding required to improve aged care as a “challenge to all of us” the government hoped to solve in the budget.

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Bet your house on it: three things to know from Australia’s retirement income review

The Coalition is likely to scrap any further increases to the compulsory superannuation contribution

It’s more than 600 pages and doesn’t make any recommendations. Yet, the retirement income review will inform future government policy decisions, provide cover for the government to ditch the superannuation guarantee increase and sets out what retirement could look like for today’s workforce. So what do you need to know?

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Coalition paves way for scrapping planned rise in superannuation guarantee

Retirement income review to emphasise Australians using ‘voluntary savings’, saying a lift in compulsory super rate would hurt wages growth

The Morrison government is laying the groundwork to scrap the already legislated increase to the superannuation guarantee, declaring the retirement income review has found current policy settings are suitable.

A summation of the retirement income review distributed by treasurer Josh Frydenberg’s office ahead of the report’s official release on Friday put greater emphasis on Australians using “voluntary savings”, including equity within their homes, ahead of raising compulsory superannuation contributions.

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Australian budget reaction updates: Coalition punts on business for Covid recovery – politics live

Josh Frydenberg’s budget relies on tax cuts and business incentives, but rests on some optimistic assumptions. Follow all the reaction and coronavirus news

Meanwhile, once upon a time

I know it is a bit much for her to be morally consistent but. https://t.co/jKpD1iHTu7 https://t.co/UmUUfDSMfe pic.twitter.com/U7WUbxPPXP

High from being retweeted and quoted by Donald Trump, who proved he had learned more about the seriousness of Covid by forcing public employees to drive him around in a sealed vehicle, and then removing his mask for a photo op, Miranda Devine continues to do Australia proud, making even a Fox News host raise an eyebrow

"It's incredibly selfish of older people or neurotic people who are timid & afraid & won't come out of their basements to confine children & young people to miss out on the most important part of their lives" - Fox News is now straight up blaming old & vulnerable people for Covid pic.twitter.com/mLhiwDHmrN

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Superannuation calculator: how would scrapping the planned increase affect you?

The government is considering ditching the superannuation increase from 9.5% to 12% by 2025. Find out what that would mean for your retirement

The Morrison government’s looming decision on whether to proceed with promised increases in superannuation contributions could have a big effect on the amount of money saved for your retirement.

The superannuation guarantee contribution is legislated to increase from its current rate of 9.5% of income to 12% by 2025 – and the Coalition promised at the last election to stick with that schedule, but is now rethinking it amid the Covid-19 crisis.

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Young people who withdraw super may be $100,000 worse off in retirement, Labor says

Opposition steps up attacks on coronavirus support measure that allows people in financial distress to withdraw up to $20,000

Young people will bear the brunt of the Covid-19 economic crisis, Labor has said, as it estimates a 25-year-old who withdraws $20,000 from superannuation may be left up to $100,000 worse off in retirement.

The opposition is stepping up its attack on the government’s handling of the early access to superannuation scheme, which allows people dealing with the adverse economic effects of Covid-19 to withdraw up to $10,000 this financial year. People were also able to access up to $10,000 last financial year.

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