The Government has moved as expected to deliver on a long-held request from the superannuation industry to remove the $450 a month minimum income threshold for the superannuation guarantee (SG).
The Treasurer, Josh Frydenberg, announced in the Budget that the Government believed that the measure would improve the economic security in retirement for around 200,000 women.
At the same time, the Government confirmed that it was making the work test easier for older Australians making it easier for them to make voluntary superannuation contributions at the same time as extending the scope of the downsizer scheme.
Frydenberg said the downsizer scheme would now be available to those aged over 60, enabling them to contribute up to $300,000 into their superannuation if they downsized their home, freeing up more housing stock for younger families.
As well, he said the Government would enhance the Pension Loan Scheme by providing immediate access to lump sums of around $12,000 for singles, and $18,000 for couples.