Crackdown on super tax breaks key to fixing budget, experts say
The Australian Financial Review asked Deloitte Access Economics, the Australia Institute, Macroeconomics, the Grattan Institute, the Centre for Independent Studies and the Institute of Public Affairs to nominate their five most important fixes for the budget.
Five of the six nominated curbs to super concessions, currently valued by Treasury at more than $30 billion a year and forecast by many experts to hit $50 billion.
Next, was including the family home in the pension assets test to make the retirement system for Australia's most vulnerable people more sustainable.
The findings provide fresh impetus for both sides of politics to tackle difficult budget decisions, which, if left unaddressed, will result in further delays to budget repair that leaves the economy vulnerable to the next downturn.
Deloitte Access Economics director Chris Richardson said this year's budget should follow last year's by protecting short-term jobs and growth while addressing the long-term deficit trajectory.