Coalition's Superannuation Policy Moves Forward
Hume Announces New Policy Initiatives
Measures Focused on Boosting Retirement Savings
Minister for Superannuation Jane Hume has unveiled the Coalition's new superannuation policy, aimed at boosting retirement savings and providing greater flexibility for Australians.
"These measures demonstrate how the Morrison Government is continuing to improve the superannuation system to ensure Australians have a more secure financial future," Hume said.
The new policy includes a number of key initiatives, including:
- Allowing people to contribute up to $25,000 per year to their superannuation.
- Increasing the age at which people can access their superannuation from 60 to 65.
- Introducing a new downsizing scheme that allows people to make a one-off contribution of up to $300,000 to their superannuation from the proceeds of the sale of their family home.
Hume said the policy was developed in consultation with industry experts and stakeholders and is designed to address the challenges facing Australians in saving for retirement.
"Australians are living longer and healthier lives, but they are also facing increased costs of living," Hume said. "This policy will help Australians build a stronger financial foundation for their future."
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