The Henry Review and Super and Saving

Bateman, Hazel; Kingston, Geoffrey

doi:10.1111/j.1467-8462.2010.00615.x

Cited by 2 publications

(1 citation statement)

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“…Complementary voluntary contributions are encouraged through concessionary but complicated tax provisions with rules differing by contribution type. Voluntary employer contributions (above the mandatory minimum) are tax deductible to the employer and taxed at 15 per cent (a significant tax saving for middle‐ and high‐income earners); voluntary personal contributions are paid out of after‐tax income, but then accumulate free of tax; so‐called ‘salary sacrifice’ contributions are paid by employees but treated as employer contributions for tax purposes; and low‐income earners can access matching government co‐contributions of up to $A1000 per annum (Bateman & Kingston, 2010). This complex menu of concessionary tax provisions provides incentives to increase retirement wealth above the level reached by the mandatory Superannuation Guarantee alone.…”

Section: Introductionmentioning

confidence: 99%

Financial Competence and Expectations Formation: Evidence from Australia*

et al. 2011

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We study the financial competence of Australian retirement savers using self-assessed and quantified measures. Responses to financial literacy questions show large variation and compare poorly with some international surveys. Basic and sophisticated financial literacy vary significantly with most demographics, selfassessed financial competence, income, superannuation accumulation and net worth. General numeracy scores are largely constant across gender, age, higher education and income. Financial competence also significantly affects expectations of stock market performance. Using a discrete choice model, we show that individuals with a higher understanding of risk, diversification and financial assets are more likely to assign a probability to future financial crises rather than expressing uncertainty.

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Section: Introductionmentioning

confidence: 99%

Financial Competence and Expectations Formation: Evidence from Australia*

et al. 2011

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Dracula in Charge of the Blood Bank

Kingston¹

2011

Econ. labour relat. rev.

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The Harmer-Henry pension and tax review resulted in an increase in the common value of the single rate of Age Pension and Disability Support Pension from 25 per cent to 28 per cent of male total average weekly earnings. It also recommended a Resource Super Profits Tax that would have initially taxed mining 'rents' at 36 per cent, on top of the pre-existing 30 per cent federal tax on profits. These recommendations represent two sides of the same coin: higher federal spending alongside higher federal taxes. The pension rise is likely to reduce participation in the labour force. The proposed tax rise would discourage mining activity as miners considered their options to delay or abandon projects. There is a lot to like at the level of detail in the Harmer-Henry package, but future efforts to reform our tax-transfer system should focus on promoting saving and investment, including investment in human capital. 1

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The Henry Review and Super and Saving

Cited by 2 publications

References 5 publications

Financial Competence and Expectations Formation: Evidence from Australia*

Financial Competence and Expectations Formation: Evidence from Australia*

Dracula in Charge of the Blood Bank

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