Anthony Albanese snaps over superannuation grilling: Prime Minister on tax concessions for wealthy

Anthony Albanese has insisted there will be no major changes to superannuation amid renewed debate over whether tax concessions for wealthy Australians’ retirement savings should be changed.

The Prime Minister said the government had ‘made no decisions’ about changes to super beyond its already announced plan to enshrine in law an objective for the nation’s $3.3trillion retirement system.

But he said there would be no significant changes to the way Australians’ retirement savings are managed.

‘We’re not considering that,’ he told reporters in Adelaide on Thursday.

‘What we’re doing is defining properly the objective of superannuation, which is something that is needed.’

Anthony Albanese (pictured) has insisted there will be no major changes to superannuation

Mr Albanese made similar comments at the National Press Club in Canberra on Wednesday.

Treasurer Jim Chalmers earlier this week unveiled Labor’s proposed wording for a definition of superannuation that would make it more difficult for governments to introduce policies to allow Australians to withdraw their super early.

Dr Chalmers unveiled the objective in a speech to the financial services industry in which he also said he was eyeing a shake-up of super tax concessions before the May budget.

The Coalition has seized on Dr Chalmers’ comments and attacked the government, saying it’s going back on commitments it made before the federal election that it would not make any changes to the system.

About $36billion of Australian retirement savings were withdrawn in early release schemes introduced by the Coalition during the pandemic.

Treasurer Jim Chalmers (pictured with his wife Laura) this week unveiled Labor’s proposed wording for a definition of superannuation that would make it more difficult for governments to introduce policies to allow Australians to withdraw their super early