2025-10-13
Greens Economic Justice spokesperson Nick McKim has responded to announcement that the government has reworked the superannuation tax bill:
“We will take a look at the detail here, but we’re concerned that the government has further weakened what should be a tax to ensure the super wealthy top 0.5% pay their fair share of tax.
“It’s clear Labor doesn’t have the guts to tax big corporations and billionaires fairly.
“Of course low income people need some tax relief on their super contributions. This is something the Greens have called for for some time, so we will run the ruler over the changes to low income earners’ superannuation.
“Labor has stripped out the tax on unrealised gains and indexed the $3 million threshold, a gift to the super-rich that will cost the budget billions.
“This is a capitulation to the wealthiest people in the country, and a slap in the face to everyone else who pays their tax straight out of their pay packet.
“This new model will give a green light to the richest 0.5% to keep hoarding investment properties. No capital gains tax will have to be paid as long as they don’t sell their properties and even then, less than half of the profits will attract tax.
“We’ll look at the full legislation when it’s introduced, but this backflip shows Labor’s priorities loud and clear. They’d rather protect the wealthy few than stand up for the many.
“The Greens will keep pushing for a fair tax system that makes the wealthy pay their way, instead of one that still rewards those hoarding obscene wealth through super accounts.”