Many investors will move their savings out of property and into superannuation as a result of the Federal Government's plan to scrap tax on superannuation payouts, Treasurer Peter Costello says.

In an interview with The Age, Mr Costello said he was confident that the Government's budget plan to allow Australians to put $1 million each in their super accounts over the next nine months, then take it out tax-free, would encourage a significant shift in savings from bank accounts and investment properties.

http://www.theage.com.au/news/business/super-the-best-w...1/1160246196428.html