A super system for everyone, not just the rich

The Greens have announced a new policy to make superannuation more equitable and raise $10 billion over the forward estimates. ‘A super system for everyone' will replace the current flat superannuation tax rate of 15% with a progressive system that is closely based on a person's marginal income tax rate.

"Superannuation in Australia has become a tax haven for the wealthy. It should be a way of delivering a comfortable retirement for everyone," Greens Leader Christine Milne said.

"The superannuation system is being rorted by the mega rich, who can drastically reduce their tax by funnelling money into super that would normally be taxed at the highest marginal rate.

"The super wealthy in Australia are avoiding hundreds of thousands in tax using these superannuation loopholes. It's people on lower incomes that shoulder the burden.

"Everyone deserves a comfortable retirement. The superannuation system should look after people on low and middle incomes too, not just the wealthy.

"With progressive super taxation we can help all Australians achieve their own comfortable retirement and make sure we preserve the aged pension for those who need it most.

"The Greens are genuine about raising revenue. We have proposed a number of measures that will raise money from those who can afford it, to pay for a more caring and sustainable Australia.

"We can support people on lower incomes and at the same time raise billions in revenue to pay for schools and hospitals just by making sure that the rich pay their way on superannuation."