8/30/2023 0 Comments Change mac screen saverThe Financial Services Council - which represents retail superannuation funds run by big corporations - said workers now in their 20s were likely to have $3million in super in four decades' time as inflation and wages growth compounded retirement savings levels. ![]() 'If the government does not index the proposed $3million superannuation balance cap, 500,000 Australian taxpayers will breach the cap in their life and face a 30 per cent earnings tax, including 204,000 Australians under the age of 30,' he said. The Financial Services Council has released new modelling showing the $3million retirement saving cap will catch out six times more people than Labor is saying, with young workers set to be included in coming decades (pictured is a woman in Sydney's city centre)īut Blake Briggs, the chief executive of the Financial Services Council, said Labor's refusal to index the $3million cap for inflation would mean 500,000 Australians now in the workforce would be affected in coming decades.
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