Age pension cost to ease by 2060s but super tax breaks to swell: Intergenerational report

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Expenditure on age and service pensions is projected to fall from about 2.3% of GDP in 2022–23 to 2% in the early 2060s.

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The ConversationThe Conversation
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https://theconversation.com/age-pension-cost-to-ease-by-2060s-but-super-tax-breaks-to-swell-intergenerational-report-212012https://theconversation.com/age-pension-cost-to-ease-by-2060s-but-super-tax-breaks-to-swell-intergenerational-report-212012
Retrieved on: 
Mardi, août 22, 2023
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Tags: 
Unemployment, Intergenerationality, Employment, Speech, Pension, Superannuation in Australia, Chalmers, SHORT, Foreign Investment Review Board, Government, Student, Retirement, The Business Council, GDP, Population, Time, Income, Ageing, Life insurance, Video game, Renewable energy, Pension fund, Tourism, Coalition, Labour
Geotags: 
AUSTRALIA, ASIA
Résumé
Key Points: 
  • Expenditure on age and service pensions is projected to fall from about 2.3% of GDP in 2022–23 to 2% in the early 2060s.
  • These tax concessions are projected to overtake spending on the age pension in the 2040s.
  • The increase is driven primarily by earnings tax concessions rising from about 1% of GDP in 2022–23 to 1.5% in 2062–63.
  • The figures will refocus attention on the generous tax breaks for superannuation, although attempting change is politically fraught.
  • The intergenerational report puts the number of people 65 and over at about nine million by the early 2060s – up from nearly 4.4 million in the 2021 census.
  • Beyond the Stage 3 tax cuts, which Anthony Albanese has said repeatedly will go ahead, the government is not contemplating other income tax changes this term.
  • And despite the Business Council of Australia’s call for comprehensive tax reform, the government favours any longer term tax reform to be in bite size increments.
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