What is Labor's superannuation policy, and why is it stirring controversy?

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Source: AAP

Labor's changes to the way superannuation will be taxed has caused an uproar in parts of the community. The policy isn't new, so what's the big deal about it now? And what do the changes actually mean?


KEY POINTS
  • In Australia, you're forced to save some of your income in what's called superannuation, or super for short.
  • Labor's plan is to double the amount of tax paid on superannuation earnings on balances over $3 million.
  • Labor is proposing that those gains are taxed before the asset is sold.

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What is Labor's superannuation policy, and why is it stirring controversy? | SBS Filipino