New analysis shows taxpayers will be on the hook as the early release of super scheme leads to a significant rise in pension costs.
Without replenishing early release amounts total retirement incomes will be significantly lower and the long-term age pension costs borne by taxpayers could be more than twice the present value of the withdrawn early release amounts, the analysis shows.
The promised super guarantee increase must proceed as legislated to help rebuild workers’ retirement balances, as the spike in age pension expenditure would likely be funded by higher taxes.
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