Letter to the Editor: Super tax increases fairness in society

DEAR News of the Area,

I dispute John Blackbourn’s opinion piece entitled “Super stabbing”.

He argues that the proposed plan to increase taxes on superannuation balances of over $3,000,000 is “an attack on poor old retirees” and that these gains are simply the result of inflation.

According to the Association for Superannuation Funds Australia, in 2021 about 44 percent of Australians aged 65-69 relied on government pensions or part-pensions and had no superannuation fund.

A further 33 percent were still working or looking for work.

The ASFA argued that many people with low balances close their accounts to pay off mortgages, cars, and other debts etc.

In 2021 the average balance in superannuation funds for 65-69 year olds was about $214,000 for men and $201,000 for women.

Most retirees are doing it tough or worrying whether or not their superannuation balance will last for their lifetime.

I am sure that most would find it hard to envisage those fortunate Australians with superannuation balances of over $3,000,000 as “poor old retirees” in any sense of the expression.

I see this plan to increase tax on high superannuation balances as part of a suite of measures designed by the Government to increase fairness in our society, and to raise some of the funds needed to support those retirees on pensions or part-pensions.

Regards,
Dr Sally HUNTER,
Tea Gardens.