There’s a super-sized hole in the budget. Here’s why
The forecast big bounce in the tax take on superannuation is just not going to happen because we’ve massively overdone the concessions that take from poorer and give to richer Australians.
The biggest oopsie in the budget was in the tax take on superannuation, where Treasury just lopped $11 billion off the four-year estimates it made mere months ago.
Yet, if you think that’s bad, I have much worse news. Official forecasts still pretend the coming year’s tax take on superannuation will almost double – even though the drivers of that tax take (jobs, wages and earnings) aren’t expected to grow anything like that much.
