Malcolm Turnbull to introduce tax rate guarantees and superannuation laws

MALCOLM Turnbull is crafting a “Baby Boomer–friendly” May Budget as he prepares an election-year bid to woo more than 4.8 million voters over 60.

EXCLUSIVE: Malcolm Turnbull is crafting a “Baby Boomer–friendly” May Budget as he prepares an election-year bid to woo more than 4.8 million voters over 60.

The Herald Sun has learned the government is poised to introduce laws to guarantee tax rates and rules on superannuation, to give certainty to older voters planning for their retirement.

And a special taskforce on ageing, run by the Prime Minister’s office, is also understood to be driving reforms that will include a significant boost to the aged-care system, after warnings that nursing homes need $33 billion of investment over the next decade.

Prime Minister Malcolm Turnbull is hoping to recapture the Baby Boomer vote. Picture: AAP Image/Lukas Coch

NEWSPOLL: PM DANGEROUSLY CLOSE TO ABBOTT’S RECORD

PM PERSONALLY APPROVES MORE PAY FOR POLITICAL STAFFERS

The government’s support among voters over 50 has collapsed from 50 to 40 per cent since the 2016 election, according to Newspoll.

Many retirees turned against the Coalition after its superannuation reforms and its overhaul of the Age Pension, which took the payment from more than 92,000 people.

The Herald Sun understands planned laws will cement rules governing people’s life savings to reassure those preparing for retirement.

It is hoped that the new laws will reassure those on the cusp of retirement.

Labor, which last week promised to exempt almost 300,000 pensioners from its $55 billion plan to scrap cash refunds under the share dividend imputation scheme, has said it would always be a better choice for pensioners and was planning a fierce campaign over government plans to raise the retirement age to 70.

Budget measures aimed at over-50s are likely to come with income tax cuts for middle-income earners.

IS YOUR SUPER ON TRACK?

Booming corporate tax receipts have improved the Budget bottom line by almost $10 billion in just two months.

The PM’s taskforce on ageing is considering a review which warned billions must be invested in residential care over the next decade. And Attorney-General Christian Porter has said a plan is being developed to deal with elder abuse, which affects as many as one in 10 older ­Australians.