Super tax breaks costing $45bn a year are ‘inheritance schemes’ for Australia’s rich, new report says

The Grattan Institute report recommends 10 changes to superannuation taxation that could save the budget billions a year

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The Albanese government could save the budget billions of dollars by winding back generous superannuation benefits that effectively produce “taxpayer-funded inheritance schemes” for the wealthy, a new Grattan Institute report argues.

The “super savings” report says such tax breaks now cost $45bn a year, or 2% of GDP, and will soon exceed the age pension costs. Two-thirds of the breaks go to the top 20% of income earners who typically are already saving enough for retirement.

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