Business Services Industry
Forecaster says budget's super tax cut needlessly costly.
Australasian Business Intelligence, July, 2006
Byline: Anna Fenech
Jul 23, 2006 (The Australian - ABIX via COMTEX) -- A senior economist has criticised the Australian Government's decision to cut benefits taxes for people over 60. Doug Ross from Access Economics has told a conference of the University of New South Wales's Centre for Pensions & Superannuation that the changes would cost the nation more in the long-run than had been estimated. He said the savings to retirees would only be about 5.5 per cent by 2068. However, if the Government had instead cut the contributions tax from its current 15 per cent to 10.75 per cent, retirees would be 7.5 per cent better off. Ross said the changes, combined with an expanded assets test, would allow wealthier people to raise their living standards in retirement...
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