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'I'm prime minister for all Australians,' says Turnbull, defending super changes 'I'm prime minister for all Australians,' says Turnbull, defending super changes
(3 months later)
Malcolm Turnbull has defended his changes to superannuation policy by saying he is the “prime minister for all Australians” after one of his ministers committed to raise the changes in the party room after the election.Malcolm Turnbull has defended his changes to superannuation policy by saying he is the “prime minister for all Australians” after one of his ministers committed to raise the changes in the party room after the election.
The assistant defence minister, Michael McCormack, said his constituents raised the changes – which cut back generous tax breaks – with him in the electorate.The assistant defence minister, Michael McCormack, said his constituents raised the changes – which cut back generous tax breaks – with him in the electorate.
The Nationals MP for Riverina said while the prime minister had been clear on the policy, he would still raise it in the party room because it was the “proper” way to do it.The Nationals MP for Riverina said while the prime minister had been clear on the policy, he would still raise it in the party room because it was the “proper” way to do it.
“Certainly, people have raised it with me in my electorate, and speaking to colleagues they’ve also raised it with them,” McCormack told the ABC.“Certainly, people have raised it with me in my electorate, and speaking to colleagues they’ve also raised it with them,” McCormack told the ABC.
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“I will certainly raise it in the party room. That’s the proper way to do that.”“I will certainly raise it in the party room. That’s the proper way to do that.”
Asked whether the policy would change, McCormack said “according to the prime minister it doesn’t and, look, at the end of the day, legislation will be sorted out in the next parliament”.Asked whether the policy would change, McCormack said “according to the prime minister it doesn’t and, look, at the end of the day, legislation will be sorted out in the next parliament”.
The Coalition policy places a $500,000 lifetime cap on non-concessional superannuation contributions, backdated to 2007; increases the concessional tax rate on asset earnings from 0% to 15% for people aged 56-65 in the “transition to retirement” (TTR); and taxes accounts over $1.6m at 15%.The Coalition policy places a $500,000 lifetime cap on non-concessional superannuation contributions, backdated to 2007; increases the concessional tax rate on asset earnings from 0% to 15% for people aged 56-65 in the “transition to retirement” (TTR); and taxes accounts over $1.6m at 15%.
Turnbull, who was campaigning in Adelaide, again said the new 15% tax rate was still better than the “marginal rate” paid by “a kid stacking shelves at Woolies”.Turnbull, who was campaigning in Adelaide, again said the new 15% tax rate was still better than the “marginal rate” paid by “a kid stacking shelves at Woolies”.
“Let’s get real,” Turnbull said.“Let’s get real,” Turnbull said.
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“Super remains enormously generous. It is a very tax-advantaged system for everyone who participates. For those on high incomes and very large super balances it remains very generous. Just not quite as generous as it was.“Super remains enormously generous. It is a very tax-advantaged system for everyone who participates. For those on high incomes and very large super balances it remains very generous. Just not quite as generous as it was.
“By doing that, we have made it fairer and more flexible and it works better, particularly for women, people on lower incomes, for older Australians and independent contractors. Remember, I’m the prime minister for all Australians.”“By doing that, we have made it fairer and more flexible and it works better, particularly for women, people on lower incomes, for older Australians and independent contractors. Remember, I’m the prime minister for all Australians.”
McCormack would not commit as to whether he would push for changes to the policy in the party room after the election.McCormack would not commit as to whether he would push for changes to the policy in the party room after the election.
“I will certainly raise the concerns as I’m sure others will but at the end of the day the taxation office says 4% of people are affected. It’s policy that we need to fix up, Labor’s mess that we inherited, and it’s policy that we will be taking to the election, and to the parliament,” McCormack said.“I will certainly raise the concerns as I’m sure others will but at the end of the day the taxation office says 4% of people are affected. It’s policy that we need to fix up, Labor’s mess that we inherited, and it’s policy that we will be taking to the election, and to the parliament,” McCormack said.