Latest news with #NationalSeniors
SBS Australia
07-07-2025
- Business
- SBS Australia
More than half of older Australians back Labor's $3 million super tax plan
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. Despite outcry from the Opposition, about 57 per cent of seniors endorse the change, according to a survey of 3,000 people aged 50 and older conducted by National Seniors Australia for the Super Members Council. '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.
Daily Mail
06-07-2025
- Business
- Daily Mail
Anthony Albanese scores major win in super tax overhaul as surprise group reveals they support the change
Most older Australians support increasing taxes on high superannuation balances. The federal government is controversially hoping to lift taxes on super balances above $3 million from 15 per cent to 30 per cent in a move predicted to impact about 0.5 per cent of savers. Despite outcry from the Opposition, about 57 per cent of seniors endorse the change, according to a survey of 3,000 people aged 50 and older conducted by National Seniors Australia for the Super Members Council. The results appear to track with broader public sentiment on Labor's bill, Super Members Council CEO 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,' she told AAP. 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 do not have equal access to the benefits of superannuation because of 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. Just one in four supported early release of funds beyond current rules. But the Coalition has continued to push a housing plan that would allow first-time home buyers to access up to $50,000 from their super to put down a deposit, despite protests it would raise house prices and leave savers worse-off in the future. 'Policy ideas that propose early release are dangerous and they make Australians poorer,' Ms Schubert said.
Yahoo
06-07-2025
- Business
- Yahoo
Older Aussies back increased superannuation tax
Most older Australians support increasing taxes on high superannuation balances. The federal government is controversially hoping to lift taxes on super balances above $3 million from 15 per cent to 30 per cent in a move predicted to impact about 0.5 per cent of savers. Despite outcry from the opposition, about 57 per cent of seniors endorse the change, according to a survey of 3000 people aged 50 and older conducted by National Seniors Australia for the Super Members Council. The results appear to track with broader public sentiment on Labor's bill, Super Members Council CEO 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," she told AAP. 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 do not have equal access to the benefits of superannuation because of 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. Just one in four supported early release of funds beyond current rules. But the coalition has continued to push a housing plan that would allow first-time home buyers to access up to $50,000 from their super to put down a deposit, despite protests it would raise house prices and leave savers worse-off in the future. "Policy ideas that propose early release are dangerous and they make Australians poorer," Ms Schubert said.
Yahoo
18-03-2025
- Business
- Yahoo
Centrelink boost for 900,000 Aussies in federal budget leak
Deeming rates will remain frozen for another year, in a major win for the thousands of pensioners and other welfare recipients. Early leaks of next week's federal budget reveal that Social Services Minister Amanda Rishworth will not lift rates for 900,000 Centrelink recipients. Deeming rates are the rates of return the government assumes people earn on financial assets, including shares, superannuation and bank accounts. They impact means testing for Centrelink payments, including the Age Pension, JobSeeker and parenting payments. Deeming rates are adjusted to reflect the official cash rate on July 1 each year. However, on July 1, 2022, the government froze rates at 2.25 per cent for two years as a cost-of-living measure. The government then extended this pause for another year in last year's federal budget. RELATED Centrelink change to see thousands more Aussies eligible for age pension Tiny Aussie town offers $680,000 salary to attract one worker: 'More than just money' Accountant's ATO warning after $20,000 tax refund is refused: 'Getting stricter' Sources told The Australian Financial Review, the freeze would not be lifted in this month's budget, with the government wanting to avoid a major hit to welfare payments. If rates were returned to their long-term levels in line with the cash rate, welfare recipients would be 'deemed' to earn more and have their payments cut. Last year, for example, National Seniors modelling found single aged pensioners were about $3,300 better off a year after the government extended the freeze on increases to the deeming singles, the first $62,600 of your financial assets have a deemed rate of 0.25 per cent. Anything over $62,600 is deemed to earn 2.25 per cent. For couples where at least one person gets a pension, the first $103,800 of your combined assets have a deemed rate of 0.25 per cent. Anything over $103,800 is deemed to earn 2.25 per cent. There are 900,105 people who receive government welfare and who have income from other sources. That includes about 460,000 aged pensioners, 143,000 on JobSeeker payments and 120,000 on parenting payments. Treasurer Jim Chalmers said Aussies struggling with the cost of living can expect more support in next week's pre-election budget. But he didn't go as far as committing to an extension of the $300 energy rebate. 'What I can say is that there'll be more cost of living help in the budget, the form of that will be made clear to you and over the course of the next week or so,' he said. 'It will be meaningful and substantial, and it will be responsible.' Centrelink payments including the Age Pension, JobSeeker, Disability Support Pension, Carer Payment and Parenting Payment will increase on March 20 with regular indexation. The maximum single rate for the Age Pension will increase by $4.60 to $1,149 a fortnight, while the partnered rate will increase by $3.50 each to $866.10, or a combined $7 to $1,732.20 a fortnight. A single person on JobSeeker will receive an extra $3.10 per fortnight, taking their total to $789.90 including the Energy Supplement. Couples will receive an additional $2.80 per fortnight, which will take their fortnightly payment to $723, including the Energy in to access your portfolio
