“The 2024-25 Tax Expenditure and Insights Statement was released on Wednesday by the Australian Treasury.

Total superannuation tax expenditures are estimated to total around $60 billion in 2024–25.

In 2021–22, people with above-median income received 83% of the benefit from the concessional taxation of superannuation earnings, with those in the top taxable income decile received 43% of the benefit (Chart 2.4)”, noted the Treasury.

People in higher taxable income deciles received a larger share of the benefit due to having larger superannuation balances and paying higher marginal tax rates, which made the flat rate of tax on superannuation earnings more concessional.”

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As I’ve said before Superannuation is not what it pretends to be. 

There are 50% of retirees on a full pension, the same percentage as 1992 when superannuation began. Superannuation has not reduced the pension one little bit. 

Superannuation costs $60 billion in tax concessions, most of which goes to upper income earners, (see below) and another $30 billion in fees to administer. 

Meanwhile the pension costs $55 billion which goes to the bottom 50% of income earners. 

Long story Superannuation only helps the big end of town and the wealthy. 

The average income earner would be much better off keeping their superannuation and paying off their mortgage. 

Let’s not forget only 36% of people above 55 don’t have a mortgage. It’s no wonder given your savings are tied up in super. 

People First is the only party that make superannuation voluntary so that people can pay their home off faster.

Quote from:#auspol