Super concessions policy ready now: $10 billion from Greens

An independent costing requested by the Australian Greens and prepared by the Parliamentary Budget Office shows reducing superannuation tax concessions for the most wealthy would raise $10.16 billion dollars over four years.

"Government advisers have suggested it in the tax white paper, Labor says they'll support it and the Greens have got a costed policy that's ready to go. This would remove a tax haven and reduce the wealth gap between rich and poor, which would be a really great thing for Australians," said Greens Leader Christine Milne.

"If the government is serious about raising revenue, not just making cruel cuts to those who can least afford it, then making superannuation more equitable is good in and of itself, and for the budget bottom line.

"Existing superannuation tax breaks are heavily skewed in favour of high income earners.

"The system allows super accounts to be used as a tax haven by the rich, and fails to serve those who really need to save for their retirements," said Senator Milne.

"Progressive tax on super would see those earning under the tax-free threshold pay no tax on their super contributions, instead of flat 15% that currently applies to all super contributions.

"Those earning up to $100,000 would pay no more than they currently do, and those earning over $150,000 would pay 30% tax on their super contributions.

"It's great to see this option put forward by government advisers in the tax white paper, and good news that Labor has pledged to support a more equitable system. It's sorely needed," said Senator Milne.

Click here to see the Greens’ progressive superannuation tax policy, announced in February 2015.