Albanese said the “important reform”, to take effect from July 1, 2025, would bring in about $2 billion in additional tax over four years.
“We’re proposing a change that will have an impact on half a per cent of the population. If you knew that there were 17 people who had $100 million in their account. I didn’t. And it’s hard to argue that those levels [are] about actual retirement incomes, which is what superannuation is for.”Chalmers said the government was left with a budgetary mess by the previous government.
“For any objective observer, the idea that ordinary working people subsidise incredibly generous tax breaks for people with millions and millions of dollars in superannuation doesn’t stack up,” he said. He pointed out that 17 people had more than $100 million in their super accounts, while one person had more than $400 million.