Keatings aged-care tax plan
Former Prime Minister Paul Keating wants to see an extra 3% levy on wages that is pooled for aged care. Australia is living through a period of great prosperity that should be harnessed to ensure a stable future Mr Keating told the Australian...
Former Prime Minister Paul Keating wants to see an extra 3% levy on wages that is pooled for aged care. Australia is living through a period of great prosperity that should be harnessed to ensure a stable future Mr Keating told the Australian Superannuation Funds Association, adding that 3 per cent of workers wages should be set aside in much the same way that 9 per cent is now taken by the superannuation guarantee levy.
The funds would be channelled to cover what he described as the second phase of retirement, a period when many self-funded retirement plans have dried up and people living on a pension require considerable aged-case assistance. We built something that took people from 55 to 75, said Mr Keating. However people are now living longer and the government will need to care for those living well into their 80s and 90s.
