The Crest of the Commonwealth of Australia Treasury Portfolio Ministers
Picture of Peter Costello

Peter Costello

Treasurer

11 March 1996 - 3 December 2007

Media Release of 11/05/2007

NO.041

JOINT PRESS RELEASE
TREASURER &
MINISTER FOR REVENUE AND ASSISTANT TREASURER

 

“BETTER SUPER” INFORMATION INITIATIVE

Today the Treasurer and the Minister for Revenue and Assistant Treasurer launched an initiative to inform all Australians about how the biggest reform to superannuation ever will enable them to plan for their future. 

“Australia’s ageing population will present enormous economic challenges in the years ahead,” the Treasurer said.  “The Government’s superannuation reforms are an important part of our response to these challenges.  These reforms will raise the living standards of Australians in retirement and encourage Australian workers to plan for their financial future.”

The Better Super initiative will inform Australians about the improvements to the superannuation system and will explain the benefits and opportunities for Australian workers and retirees.

“For these reforms to be effective, it is important that Australian workers of all ages understand how they can use superannuation to provide for their retirement,” Minister Dutton said.  “This initiative will use a variety of media to raise community awareness of the importance of superannuation and the opportunities the Government’s reforms present to Australian workers.

“All Australian households will shortly receive an information booklet which will explain how the reforms to superannuation benefit Australian workers.”

Under the Government’s superannuation reforms, end benefits tax will be removed from 1 July 2007 for Australians aged 60 and over who have already paid tax on their superannuation contributions and earnings.  Most self-employed will be able to claim a full deduction for their superannuation contributions and be eligible for the Government Super Co-contribution scheme for their personal post-tax contributions.  It will also be much easier for individuals to find their lost super and combine their superannuation into a fund of their choice.

In addition, changes to the pensions test taper rate mean that, from 20 September 2007, incentives to save for retirement will be even greater with hundreds of thousands of Australians over the age of 65 receiving a larger pension or becoming eligible for the pension for the first time.

“These visionary reforms were only possible as a result of the Government’s strong economic management, which has put Australia in a strong position to address the challenge of our ageing population and lock in future prosperity,” the Treasurer said.

MELBOURNE
11 May 2007

Contacts:

Renae Stoikos
Treasurer’s Office
03 9650 0244

Brad Emery
Minister Dutton’s Office
02 6277 7360