Australian Government Eyes Wealthy Retirees as It Considers Super Tax Concession Cuts

Australian dollars are shown in Sydney, Australian, on March 10, 2015. Dominic Lorrimer/Getty Images

The Australian centre-left Labor government is considering cutting superannuation tax concessions for Australians with high retirement savings as it looks for avenues to improve the budget’s bottom line.

Speaking at The Australian Financial Review Super & Wealth Summit on Nov. 8, Financial Services Minister Stephen Jones said the federal government would bring up a debate about tax concessions after it legislated an objective for the superannuation system.