Work part-time? Earn less than $37k? Know anyone who does? Today, the Federal Government announced plans to take from the retirement savings of those who need them most, while giving tax cuts to big mining – by scrapping the low-income super concession.
Up until now, the Government would contribute $500 a year to those earning $37,000 or less, as a way of helping low-income earners save for retirement - a measure that makes superannuation far more equitable. The Coalition plans to repeal that. This move will see 3.5 million Australians worse off in retirement, and disproportionately hurt women, young people and rural Australians.
We're not making this up. But the Abbott government has been good at keeping it quiet and right now, few people even know it's happening. If we work together to get the truth out there, there's a real chance we can stop these changes and protect the retirement savings of millions of Australians.
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