The five cent coin is soon to be a discontinued currency in Australia.Photo: Rob Williams / The Queensland Times
The five cent coin is soon to be a discontinued currency in Australia.Photo: Rob Williams / The Queensland Times Rob Williams

Turnbull stands by super changes

PRIME Minister Malcolm Turnbull is standing by the Coalition's pre-election superannuation changes despite growing opposition.

The measures include a $1.6 million limit on super pension transfers, a $500,000 lifetime cap on after-tax contributions and a 15% tax on the transition-to-retirement scheme.

The changes were expected to hurt 4% of super savers - mainly very well-off people.

But opponents believe the changes will impact 1.3 million - or 9% of super holders.

Some MPs say their supporters are outraged by the plan and there have been reports of wealthy backers withholding donations to the Liberal Party.

"They (the changes) make the super system more flexible and more sustainable," Mr Turnbull said yesterday.

Mr Turnbull said low-income earners, people who had been out of the workforce for five years, older people and independent contractors would be better off under the new system.


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