Retirement
Industry leaders weigh in on concessional super tax as Budget confirms $55bn investment
Retirement
Industry leaders weigh in on concessional super tax as Budget confirms $55bn investment
Changes to the taxation of superannuation earnings and contributions have drawn mixed responses from financial and payroll sector leaders, as the Federal Budget confirms over $55 billion in concessional tax breaks will be allocated to the system next financial year.
Industry leaders weigh in on concessional super tax as Budget confirms $55bn investment
Changes to the taxation of superannuation earnings and contributions have drawn mixed responses from financial and payroll sector leaders, as the Federal Budget confirms over $55 billion in concessional tax breaks will be allocated to the system next financial year.
Robert Francis, managing director at eToro Australia, welcomed the move, saying it would support long-term savings behaviour and encourage workers to increase their retirement contributions.
“The change to superannuation taxation is a great step forward for investors because it allows for higher superannuation balances and will encourage workers to put more money into their super,” Mr Francis said.
“Quite simply, the more time that money is spent in workers' accounts, the more money they have overall come retirement.”
Ben Thompson, chief executive of Employment Hero, acknowledged the scale of government support for superannuation but emphasised the importance of ensuring the system remains equitable and efficient.
“This year’s Federal Budget reinforces just how central superannuation is to Australia’s financial system,” Mr Thompson said.
“The government is putting over $55 billion into concessional tax breaks for super next financial year—that’s a massive investment in helping Australians build long-term wealth.”
“But with that kind of support comes a responsibility to ensure the system is fair, transparent, and actually delivers value to everyone.”
Employment Hero, one of the country’s largest payroll platforms, is working to streamline superannuation compliance for businesses.
“We’re focused on developing our platform to help businesses remain accurate, compliant and timely without adding unnecessary complexity—reducing the admin burden so they can focus on growth rather than red tape,” Mr Thompson said.
The concessional tax treatment of superannuation remains one of the largest items in the Budget, underscoring its role in the broader policy framework for retirement savings.
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