The word "superannuation" is correct and usable in written English.
You can use it to describe the money that people have saved for retirement, especially in Australia and New Zealand. For example, "My employer contributes some money to my superannuation every year."
"The earnings concession on superannuation is the fastest growing tax concession in the federal budget," he planned to tell his audience.
In fact Shorten announced no new spending cuts or revenue raising measures beyond the already announced policies to tighten superannuation tax concessions and raise more money from foreign multinationals, which the government has already rejected.
The prime minister has framed superannuation policy as a clear point of difference between the Coalition and Labor in the lead-up to the next election, with the opposition proposing to scale back generous tax concessions for high income earners.
Related: Belt up, fellow Australians: we're in for another Big Stupid tax debate Calls for action grew after the Financial System Inquiry, headed by former Commonwealth Bank chief David Murray, found the majority of superannuation tax concessions accrued to the top 20% of income earners.
Labor has proposed two main changes to superannuation tax concessions to raise $14.3bn for the federal budget over 10 years.
"Increasingly, the lifestyle and the savings for superannuation are being seen as an opportunity to enjoy a few cruises and the luxuries of life for a few years until it runs out and then people wish to fall back on the age pension," Truss told the Conservative Breakfast Club in Brisbane, according to a News Corp report.
Most discussions to increase revenue look at raising tax revenue – such as increasing or broadening the GST, or removing concessions for superannuation.
You have to look at the broader system and how the superannuation system impacts upon the pension and is affected by the tax system," he told Sky News.
One minute the treasurer, Joe Hockey, was sounding very much like he would consider cuts to hugely generous superannuation tax concessions as part of the tax review, and assistant treasurer Josh Frydenberg was, quite properly, saying that pension and super changes had to be considered in combination.
And given the extraordinary consensus that some change to the taxation of superannuation is required, it surely can't be ruled out by the comic book argument that "higher tax = Labor = bad".
The harshest aspects for women include cuts to family payments that squeeze single parent families, lower increases to pensions, and freezing superannuation contributions as well as cutting the low-income super rebate.
