Anthony Albanese snaps over superannuation grilling: Prime Minister on tax concessions for wealthy

Anthony Albanese has insisted there will be no major changes to superannuation amid renewed debate over whether to change tax concessions for the superannuation savings of wealthy Australians.

The Prime Minister said the government had “made no decision” on changes to superannuation beyond its already announced plan to enshrine in law a target for the nation’s $3.3tn superannuation system.

But he said there would be no significant changes to the way Australians’ retirement savings are managed.

“We are not considering that,” he told reporters in Adelaide on Thursday.

“What we are doing is adequately defining the goal of retirement, which is something that is needed.”

Albanese made similar comments at the National Press Club in Canberra on Wednesday.

Treasurer Jim Chalmers earlier this week unveiled Labor’s proposed wording for a definition of retirement that would make it more difficult for governments to introduce policies that allow Australians to take early retirement.

Dr. Chalmers unveiled the goal in a speech to the financial services industry in which he also said he was considering a reorganization of super-fiscal concessions ahead of the May budget.

The Coalition seized on Dr. Chalmers’ comments and attacked the government, saying it is going back on commitments it made before the federal election that it would not make any changes to the system.

Around $36bn of Australian retirement savings was withdrawn in early release schemes introduced by the Coalition during the pandemic.

Treasurer Jim Chalmers (pictured with his wife Laura) this week unveiled Labour’s proposed wording for a definition of retirement that would make it more difficult for governments to introduce policies that allow Australians to take out their pension early.