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Chalmers Goes on the Attack over Super Tax ‘Lies’

Treasurer Jim Chalmers defended the government’s plan to double the superannuation earnings tax from 15% to 30% for balances above $3 million, effective July 1, 2025.
The proposal, announced over two years ago by Labor, aims to tax unrealised capital gains yearly on assets like property, though it has not yet passed the Senate and faces Coalition opposition.
On Wednesday in Canberra, Chalmers strongly dismissed criticisms and accused the Coalition of dishonesty regarding exemptions claimed for defined benefit politicians, including Prime Minister Albanese.
He argued that just because two major media outlets strongly oppose the change, it doesn’t mean that widespread public concern exists, describing the policy as modest and projecting it to generate $2.7 billion annually.
The tax reform’s controversy and opposition suggest challenges ahead, but Chalmers intends to pass it without amendments, while critics warn this could harm the economy and unfairly tax unrealised gains.

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Australian Financial Review

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Look at what governments do on super, not what they say

In isolation, Labor’s proposed new Division 296 tax on superannuation balances above $3 million is not the end of the world. But it’s not an isolated act.

1 day ago·Sydney, Australia

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