OECD advises Jim Chalmers on spending and tax reforms

The Organisation for Economic Co-operation and Development (OECD) has endorsed Labor’s efforts to reduce superannuation tax concessions and curb spending, but calls for further reforms to address long-term budget pressures. Treasurer Jim Chalmers highlighted the OECD’s praise for Australia’s economic management, particularly regarding competition and energy transition strategies. The OECD suggested lowering the concessional superannuation contribution cap and recommended transitioning from stamp duty to land taxes to alleviate housing costs. It warned that Australia’s ageing population and rising NDIS spending could exacerbate budget deficits, projected at $36.8 billion this financial year.