Support for 2016 Budget superannuation changes shrinking

support for 2016 Budget changes to superannuation shrinks, election 2016, $1.6 million transfer balance capSupport appears to be shrinking for changes to superannuation announced in the 2016 Budget, though support is still strongest amongst Coalition voters.

The most recent Essential poll asked the question:

Do you approve or disapprove of the changes to superannuation made in the Budget, which includes capping tax concessions for those with more than $1.6 million in superannuation?

A total of 47% approved, with 22% disapproving and 31% answering ‘don’t know’. The highest support came from people who vote Liberals/Nationals. This is despite indications that the Coalition could loose support over controversial measures, including the $1.6 million Transfer Balance Cap, $500,000 lifetime non-concessional contributions cap and changes to tax super funds on income relating to Transition to Retirement pensions.

Approve/disapprove of 2016 Budget super changes - by party

Coalition voters showed the highest level of ‘approve’, at 43%. Though Greens voters had the highest level of ‘strongly approve’, at 24%. Coalition voters also showed the lowest level of ‘strongly disapprove’, at only 4%.

Approve/disapprove of 2016 Budget super changes - detailed, by party

When an Essential poll asked the same question shortly after the 2016 Budget it found a higher level of support. At the time 62% approved, with 21% disapproval and 17% ‘don’t know’.

support shrinking for 2016 Budget superannuation changes, Approve/disapprove of 2016 Budget super changes, May v JuneThe majority of the decrease in support seems to come from a shift from ‘strongly approve’ to ‘don’t know’.

support shrinking for 2016 Budget superannuation changes, Approve/disapprove of 2016 Budget super changes, May v June, detailed

It is unclear if respondents were thinking of all the changes to superannuation in the 2016 Budget or focussing on the $1.6 million Transfer Balance Cap. The increase in ‘don’t know’ answers may suggest uncertainty about the details of the policies.

Data source for charts: Changes to superannuation – 15 June and Approval of Budget measures – 10 May.

Want to be kept up-to-date with SMSF and Superannuation changes, why not subscribe to our Newsletter?

This article, as with all content on this site, is for informational purposes only, and is not legal, financial, tax or other advice. Please read our Terms and Conditions of Use.

Leave a Reply

Your email address will not be published. Required fields are marked *