Scott Morrison moves on less contentious aspects of superannuation changes

FEDERAL Treasurer Scott Morrison has pressed ahead with the less contentious aspects of the government’s $6 billion superannuation changes.

FEDERAL Treasurer Scott Morrison has pressed ahead with the less contentious aspects of the government’s $6 billion superannuation changes, putting aside reforms that have been criticised by some of his colleagues.

Mr Morrison yesterday announced the first round of the super changes — which aim to boost the Budget bottom line by $2.9 billion over four years — will be introduced into federal parliament within a month.

But Mr Morrison continues to work to placate some members of the Coalition backbench over the measures such as a proposed $1.6 million transfer balance cap, a $500,000 lifetime non-concessional cap and $25,000 concessional caps.

“My consultation with colleagues has been in very good faith and I really appreciate the very honest and very good-faith feedback that I have received,” Mr Morrison said yesterday.

“It has been a good opportunity to talk about some of the issues, the concerns that have been raised.”

Treasurer Scott Morrison. Picture: AAP/Mick Tsikas

Mr Morrison said the changes would make the superannuation system more flexible and sustainable

But it is likely that he will have to address the concerns of colleagues, including former prime minister Tony Abbott, who believe the changes are a hit on the Liberal Party’s base and are retrospective.

Shadow assistant treasurer Andrew Leigh was surprised Mr Morrison would not include the contentious proposal to cap after-tax super contributions at $500,000, which Labor believes is retrospective.

“We have got the extraordinary spectacle of Scott Morrison releasing draft legislation on his retrospective superannuation reforms, without actually the retrospective bit,” Dr Leigh said.