Each major party is intending to fund its priorities with slightly different plans to rein in tax concessions (superannuation, negative gearing, personal tax deductions) and, in Labor's case, tobacco excise and multinational tax avoidance.
They should at least have a diploma of financial planning and have a specialty in Superannuation, Investments etc. depending on your needs.
Now the government is considering a reduction in superannuation concessions for the very wealthy and other revenue raising measures to fund a company tax cut.
Throw in a $450m drop in expected revenue via the petroleum resources rent tax, a $1.35bn fall in expected superannuation fund taxes and $1.6bn less from gross income tax and you end up with $3.55bn less than was expected just six months ago via income and company taxes.
We have a pool of close to $2tn in superannuation funding in this country.
The former assistant treasurer Arthur Sinodinos said publicly it was all about political tactics, confirming it was a "strategic decision" taken after Labor announced a policy for modest changes in superannuation taxation, aimed at creating a clear point of difference for the Coalition.
That's one of the reasons why the government has decided that it is unacceptable to have any increases in taxation on superannuation in the upcoming budget," Hockey said, when the interest rate fell 25 basis points to 2%.
"It is clear to us that the message is starting to hit home in a number of important areas in the economy – in particular superannuation and ASX companies – but unfortunately not with some governments," said the executive director of Women on Boards, Claire Braund.
And the $1.3 trillion in superannuation funds is a pool of savings that officials like to say is akin to a rainy-day fund.
"It is very rare for people to actually get themselves into a position in their retirement where they have $1.6m in their superannuation account," he said.
