Labor is committed to ensuring the sustainability of the retirement income system in a way that delivers fairness and enables Australians to maintain a comfortable standard of living in retirement.

Tax concessions (forgone revenue) are an important part of the superannuation system, as they encourage people to contribute funding and preserve these savings until their own retirement.

These tax concessions benefit high income earners and over time will place an increasing burden on the Budget. This is unsustainable and unfair.

Labor’s plan is to put the retirement income system on a sustainable footing by targeting superannuation tax concessions to those that need them the most. Labor will better target the tax concession for earnings on superannuation assets supporting retirement income streams. This measure will only apply to those in retirement.