From ABC, September 5, 2006
Costello announces super changes
Treasurer Peter Costello has revealed the final details of the superannuation changes he announced in the May Budget.
He says there has been strong support for the changes during the consultation period.
The biggest difference will be that people who withdraw their superannuation after they turn 60 will not be taxed on it.
Mr Costello says the legislation will be introduced this year, and the changes will start from July next year.
He says it should encourage people to invest more in superannuation.
"This is the biggest reform to superannuation that Australia has ever seen," he said.
"It smashes through the complexity of the current ... contributions, the differential taxations in relation to lump sum and pensions.
"It makes superannuation the best investment a person can make in their lifetime