For decades the major parties encouraged Australians to save by promising that, once you retire, your superannuation earnings and withdrawals will be tax-free.

In the year 2000, the major parties promised that Australians with low incomes would be taxed at their marginal tax rate, rather than at the company tax rate.

But then in 2016 the Coalition Government ramped up the taxation of superannuation contributions. They further limited how much you could transfer into your superannuation account and also limited how much you could hold in the tax-free ‘pension phase’.

This is a betrayal of trust. The worst effect of removing the incentive to save is that Australians who are just starting their careers will retire with less in their super.

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