The Federal Treasurer, Scott Morrison, has signalled he will not be making any further concessions around the $500,000 lifetime concessional superannuation cap in the absence of real Budget savings being found elsewhere.
Amid continuing speculation and pressure being applied to Morrison to wind back elements of the Government’s Budget superannuation changes, particularly around the $500,000 concessional cap, Morrison acknowledged ongoing negotiations on the issue but maintained his mantra about the need for Budget cost-savings.
Speaking on radio, the Treasurer said he was not going to move rashly on the issue.
“If there are to be some amendments here then the Budget needs to be restored as a result of any changes there and so I will continue to work it through with my colleagues,” he said.
“…we can’t just keep saying ‘oh well we will make a concession here we will make a concession there’ and make it up somewhere else. If we keep going down that path then our kids are going to have a bigger debt and they are going to have to pay for the fact that our generation didn’t live within its means,” Morrison said.
“If someone wants to put a million bucks after tax into their super so they can pay 15 per cent on it rather than their marginal tax rate and they had already cleared the $1.6 million then I would find it pretty hard to look my kids in the eye and tell them they have got to saddle a higher debt because someone who had a very big income wanted to pay less tax,” he said.
