The Coalition says the government's tax increase on super fund earnings is just the first part of billions of dollars in additional taxes Labor is planning to impose.
When announcing their proposal, Prime Minister Albanese gave examples of individuals with hundreds of millions in their super accounts.
“Tens of thousands of Australians who have relied on the superannuation system as it is who are going to pay the price for Labor’s inability to manage their own budget commitments.” The government’s announcement was made to coincide with the release of the 2022-23 Tax Expenditures and Insights Statement, which listed superannuation tax concessions as costing the budget $50 billion per year.
“The Prime Minister and the Treasurer released a report laying out more than $150bn of additional taxes that they may well choose to impose on the Australian people,” the shadow Treasurer said.
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