A new analysis shows that Australia spends nearly $21 billion each year on superannuation concessions and tax breaks for the wealthiest 20% of Australians.
“For years, we have been told that superannuation tax breaks and concessions are about helping ‘average’ Australians. Our research shows that is simply not true,” said Anglicare Australia Executive Director Kasy Chambers.
“Our analysis shows that we are spending $36 billion every year on superannuation tax breaks and concessions. A staggering $21 billion of that goes to the wealthiest 20% of Australians.
“By contrast, we find that the bottom 20% do not benefit from these concessions at all.
“It beggars belief that we could spend this much on tax breaks while 100,000 people are waiting for aged care packages.
“Without action, we will end up with more and more people retiring into poverty while the wealthiest Australians take advantage of these concessions to minimise their tax.
“Our superannuation system was meant to help people save for their retirement. We must stop it from becoming a tax haven for the wealthiest Australians,” said Ms Chambers.
This analysis was drawn from The Cost of Privilege, commissioned by Anglicare Australia and prepared by Per Capita.
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