Wednesday, 8 March 2023

Superannuation

Bev McARTHUR (Western Victoria) (09:41): My members statement today spotlights the federal Labor Party’s recently announced raid on the super balances of hardworking Australians. The promises it breaks and the patently misleading statistics given in the announcement show just how much Mr Albanese and his Treasurer have learned from their Victorian Labor colleagues. To quote the Prime Minister last May:

We’ve said we have no intention to make any super changes.

And Mr Chalmers last March:

Look, we’ve said about superannuation that we would maintain the system.

I could go on, yet still the hike came and the claims it will affect only 80,000 people. That lasted a few days, until Minister Gallagher had to admit in Senate question time that the lack of indexation means one in 10 Australians will be hit, and disproportionately the youngest. Sure, retirees get a $3 million cap, but for those retiring in 40 years, that double rate of tax will kick in at just over $1 million. I certainly will be looking very closely at any consequences for farmers who hold property in self-managed funds, which effectively will be taxed as unrealised assets and so on without any other investment, that may be hit. With federal Labor – as with this state government, with 45 new taxes and charges – we are always asking: where is the next tax raid?