By using this site, you agree to the Privacy Policy and Terms Of Use.
Accept
WhatsNew2DayWhatsNew2Day
  • Home
  • Australia
  • Business
  • Economy
  • Entertainment
  • Gaming
  • Health
  • Lifestyle
  • Science
  • Sports
  • Tech
  • US
  • World
Reading: Furious Today Show blow-up as Jim Chalmers backs AWAY from radical superannuation shake-up
Share
Aa
WhatsNew2DayWhatsNew2Day
Aa
  • Home
  • Contact
  • About us
  • Privacy Policy
  • Home
  • Australia
  • Business
  • Economy
  • Entertainment
  • Gaming
  • Health
  • Lifestyle
  • Science
  • Sports
  • Tech
  • US
  • World
Follow US
© 2022 WhatsNew2Day News Network. All Rights Reserved.
WhatsNew2Day > News > Furious Today Show blow-up as Jim Chalmers backs AWAY from radical superannuation shake-up
News

Furious Today Show blow-up as Jim Chalmers backs AWAY from radical superannuation shake-up

Last updated: 2023/02/22 at 8:43 PM
Jacky 4 weeks ago
Share
Former Deputy Prime Minister Wayne Swan has angrily defended Treasurer Jim Chalmers against accusations that he backtracked on big retirement changes.
SHARE

Former Deputy Prime Minister Wayne Swan has angrily defended Treasurer Jim Chalmers against accusations that he backtracked on big retirement changes.

Dr Chalmers, who was Swan’s chief of staff when he was Labor treasurer a decade ago, seemed to suggest on Wednesday that the changes would hardly be radical.

“We are not contemplating major changes in retirement,” he told Sydney radio 2GB.

Chris O’Keefe, the 2GB drive presenter who interviewed Dr Chalmers, told the Today Show that the treasurer was now backing off because “this whole thing was blowing up in his face.”

It’s typical Labor politics. She flew the kite, saw which way the wind was blowing, noticed that the kite was flying towards him, and said, “I better dilute it with water,” she said.

That is exactly what happened.

Swan, who is now the national chairman of the Australian Labor Party, was furious.

Former Deputy Prime Minister Wayne Swan has angrily defended Treasurer Jim Chalmers against accusations that he backtracked on big retirement changes.

“With all due respect, that’s bullshit,” he said.

“This is a simple proposition, a very sensible cleanup, but it’s very modest.”

On Wednesday afternoon, Dr. Chalmers played down suggestions that the federal government would increase the tax rate on additional retirement contributions.

Extraordinary contributions of up to $27,500 a year incur a favorable tax rate of 15 percent for those earning up to $250,000.

The Treasurer denied that he would lower the income threshold to $200,000 for a 30 percent tax rate to apply, telling 2GB that a change is “not on the table.”

Mr. Swan defended Dr. Chalmers for exploring ways to tighten the rules on early access to cap and super tax breaks for those with more than $3 million in retirement savings.

Treasurer Jim Chalmers on Wednesday afternoon watered suggestions that the federal government will increase the tax rate on additional retirement contributions.

Treasurer Jim Chalmers on Wednesday afternoon watered suggestions that the federal government will increase the tax rate on additional retirement contributions.

This grant costs $53 billion a year, with the richest Australians investing money in super paying a favorable rate that is well below the marginal tax rate of 45 per cent for those earning more than $180,000.

Mr Swan, himself a former Labor staffer before being elected to parliament, also denied it was “personal” given that Dr Chalmers was his senior adviser, adding lies and distortions on the subject of supers “they don’t reflect well on the people who make them.” .

O’Keefe backed down, citing his 6,000-word essay in The Monthly on reforming capitalism as a “wide-ranging op-ed… meant nothing.”

“It means a lot,” replied Mr. Swan.

‘If we legislate the purpose of the super, which is for retirement, we will protect the retirement savings of millions and millions of Australians, a very important thing to do.

People like you beat it up. It gets out of proportion.

Not backing down despite repeated interjections from host Sarah Abo, O’Keefe said Dr. Chalmers’ messages this week had been everywhere and scared people worried about their retirement savings.

Chris O'Keefe criticized the treasurer for changing his plan after seeing 'this whole thing was blowing up in his face'

Chris O’Keefe criticized the treasurer for changing his plan after seeing ‘this whole thing was blowing up in his face’

Abo asked everyone to “cool down a bit”.

When can you access your supermarket?

For those born before July 1, 1960, it is 55

The goes up to 56 for baby boomers born between July 1, 1960 and June 30, 1961.

It is 57 for those born between July 1, 1961 and June 30, 1962

It is 58 for those born between July 1, 1962 and June 30, 1963

It is 59 for those born between July 1, 1963 and June 30, 1964

It’s 60 for anyone born after July 1, 1964.

“This feels like the leader’s debate, I can’t get a word out,” Abo lamented.

Opposition leader Peter Dutton appeared on the show soon after and attacked Dr Chalmers’ plan again.

He warned that while the switch to tax breaks could affect the 36,000 people with more than $3m in their super accounts to begin with, “with Labor it never stops there.”

“If Labor is left without sources of income, then they have to move to the next rung,” Dutton said.

‘There are many Australians who are very aspirational, hard working, and for many will have withdrawn from retirement to pay their mortgage so they don’t have those payments in retirement as well.

“People have pumped money into retirement, and I think the uncertainty the prime minister is creating shows they can’t manage the budget or the economy.”

Shadow treasurer Angus Taylor has accused the government of backtracking on its election pledge not to make “major changes” to retirement.

‘This is Australians’ money, not government money to play with. I know Australians feel that very strongly, particularly at a time like this when there is real pressure on Australian households,” he told Channel 7.

“The money in supermarkets should be invested in their interests, not for the government to impose taxes and spend because they have a hole in their budget.”

You Might Also Like

Australian town offering people $20,000 to move in

Kenny G is ordered to pay ex-wife $300,000 in attorney fees

UConn vs Arkansas live stream: how to watch for free online

How Many Oceans Are There?

UFC San Antonio preview: Is Pineda at the end of the line?

TAGGED: backs, blowup, Chalmers, dailymail, furious, Jim, news, radical, shakeup, show, superannuation, today
Jacky February 22, 2023
Share this Article
Facebook Twitter Email Print
Share
Previous Article The 17-year-old was stabbed in the chest at a house party on Claro Road (pictured) in Harrogate, North Yorkshire, in the early hours of Sunday morning. Boy, 17, dies in hospital two days after being stabbed in chest at Harrogate house party
Next Article ABC Radio National host Patricia Karvelas (left) was cautioned for being biased after sharing a selfie calling Indigenous Affairs Secretary Linda Burney (right) a Lidia Thorpe blows up at ABC host Patricia Karvelas for calling Linda Burnie a legend

Latest

Quilpie Shire council Justin Hancock (pictured) hopes to attract more locals to the inner town
Australian town offering people $20,000 to move in
News
The Rohingya refugees rescued by fishermen in Indonesia.
‘PR campaign’: Rohingya activists slam Myanmar repatriation plan
World
Raleigh Company Jigsawdio Receives NIH Grant for Audiovisual Jigsaw Puzzle Device
Raleigh Company Jigsawdio Receives NIH Grant for Audiovisual Jigsaw Puzzle Device
Gaming
Renée K. Blasky has been Inducted into the Prestigious Marquis Who’s Who Biographical Registry
Renée K. Blasky has been Inducted into the Prestigious Marquis Who’s Who Biographical Registry
Gaming
Kenny G, 66, will have to pay his ex-wife Lyndie Benson (pictured in 2006) $320,000 in attorney fees, including $75,000 in future legal fees, according to new documents.
Kenny G is ordered to pay ex-wife $300,000 in attorney fees
US
UConn vs Arkansas live stream: how to watch for free online
UConn vs Arkansas live stream: how to watch for free online
News

nba 2k23 mt

© WhatsNew2Day News Network. All Rights Reserved. Email: contact@whatsnew2day.com

  • Home
  • Contact
  • About us
  • Privacy Policy

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?