Swan Seeks Budget Savings From $1.6 Trillion Pension Program
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Treasurer Wayne Swan announced plans to curb tax concessions for wealthy Australians saving for their retirement amid government efforts to plug a budget deficit and make the A$1.5 trillion ($1.6 trillion) pension system more sustainable.
Earnings over A$100,000 a year for retirees from superannuation assets will now be taxed at 15 percent, Swan told reporters in Canberra today. The changes will affect 20,000 people and save about A$900 million over four years, he said.