The federal budget would be more than $13 billion better off if the government were to get rid of superannuation tax breaks and increase the age pension, according to a report by the Australia Institute.
According to the report, superannuation tax concessions will soon cost more than the age pension itself. The report’s authors recommend abolishing superannuation tax concessions and creating a non-means-tested age pension.
The report’s co-author, Richard Denniss, told the ABC the Australia Institute’s proposal would leave the budget in better shape, with more money flowing to women and poor people.
“You often hear people say the more people spend on superannuation tax concessions, the more we save on the age pension,” he said. “In theory that’s possible, but in practice it’s just not the case.”
What will the election mean to you?
Sign up to our free newsletter, including this weekend’s coverage of the election.
The report follows speculation the government is considering raising the retirement age to 70 in order to make the pension affordable in the long term.
Internet the most common way to find a lawyer
Consumers are most likely to use the internet to research a lawyer before hiring them, according to research by FindLaw released today.
The survey found 38% of people said they would use the internet to find a lawyer, while only 29% said they would ask a friend or relative.
The figures reveal a growing trend when it comes to finding legal advice. In 2005, only 7% of respondents used the internet to find a lawyer while 65% of people said they would ask a friend or relative.
Shares up on open
The S&P/ASX200 benchmark was up 21.2 points to 5475.4 at 11.14am AEST. Last night the Dow Jones closed up 0.25%, rising 40.71 points to 16,449.25.