The Albanese government is being urged to use the money from a proposed tax hike on superannuation to help Australians with low balances. Industry Super Australia Chair Greg Combet recently told The Australian the revenue raised from the potential tax crackdown on super balances worth over three million could be used to help people with far less retirement savings. It’s previously been estimated that crackdown could raise one billion a year. Sky News Australia understands this push by Mr Combet is viewed within the government as “uncontroversial”. It comes as Liberal MPs Russell Broadbent and Bridget Archer indicated they would support Treasurer Jim Chalmers’ efforts to start a conversation around super tax concessions.
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