‘Illogical’: Eyebrows raised at Albanese’s increased tax rate on super earnings

Wilson Asset Management Founder Geoff Wilson has criticised Labor’s plans to double the superannuation tax as “illogical.”
The proposed legislation has sought to increase the tax rate on superannuation earnings above $3 million from 15 per cent to 30 per cent.
“It’s incredibly disappointing,” Mr Wilson told Sky News Australia.
“He [Albanese] talks about being equitable and fair … taxing unrealised gains will destroy some people’s lives.
“Taxing a profit that you might never get is just illogical.”

[@kanderson4417]

Taxing unrealised gains, then talks about fairness. Thankfully he will be gone in a few months.

[@helend2790]

lol. vote harder. the other guy'll fix it.

[@chriskala7346]

@@helend2790the other one just as useless

[@paulcox9366]

​@@chriskala7346 they all are. But you don't get 2 goes at it just because. He's done

[@greggoldberg1518]

@@helend2790 Who is the other guy? The one who consistently votes against the anti corruption commission? The guy who is an ex police officer, now MP worth at least 100 million dollars?

[@Dontargueyouknowitstrue]

Dutton is a piece of sh*t. We need a new labor leader and have labor win the fed vote

[@Pedroaghyu]

Taxing unrealized gains is called THEFT

[@greggoldberg1518]

eat the rich, you miss the part where they say growth on balances over 3 million? Those people already have huge amounts of money, they can get their super slightly reduced on the profit they earn above 3 million in their super and not be hurt very much while it helps the vulnerable by further restricting the investors impact to the cost of housing. It is a good policy unless you are wealthy and greedy.

[@sidecarmisanthrope5927]

@@greggoldberg1518 :You seem to be forgetting that young people starting work will have a lot more than $3 million by the time they reach retirement age. It sounds like a lot now but 30 years ago $1million for a house sounded like a fortune that only the mega wealthy could afford. This is designed to sound like a tax on the rich today but it is a tax on everyone entering the workforce.

[@SpookFilthy]

​@@greggoldberg1518 You missed the part where it's an unrealised gain and it's not indexed. People like you just want to steal other peoples resources. Create your own wealth. People who have accumulated large super balances have already paid millions in tax over their career and they are do not access state-welfare or a govt pension. They have the done right thing already by the country. Shifting the goal posts on them is bs,

[@TheHonro]

@@greggoldberg1518 This comment shows how behind the times you are unfortunately. As mentioned below, our kids, and grandkids will suffer tremendously with this tax. 3 Million in a superfund will be the norm in 15yr + years. I mean hell, bus drivers that do overtime (and do) earn over 115k p/a (thats not a hit on bus drivers, its amazing). Now furthermore, just because someone is wealthy, why should they pay more tax? My parents immigrated here, and were cleaners. However though hard work my generation has managed to accumulate some wealth. Why should I be taxed more? For almost 14yrs, I worked 4 jobs simultaneously - not because I needed to, but I wanted to, I wanted to get somewhere create a comfortable life for my children. Now because i'm 45 and I've accomplished my goals, and thus looking to retire, I should pay more tax? How's that fair?

[@musiclegend1]

@@greggoldberg1518you sound like a true blue commie follower. It’s unrealised mate. Pure theft.

[@prescientselector3784]

Clearly from his answer, Albo doesn’t understand his own policy. Surprise.

[@PP-vf1kx]

🤨 I didn’t write it…I only read what is written!

[@TrevorMills-i8j]

He said it before,it's not your money,it's his

[@MammaBear-xp7ur]

He’s a thieving lying Laborite. That’s what they do.

[@kadmow]

- this is the ganger of voluntary contributions - a simple stroke of the pen, with both houses owned by ANY government, the super bounty could be transferred into "boondoggles" and "wigwams-for-horses-bridles", at their behest (where is our National Sovereign Wealth Fund" at now days??? All those energy resources going offshore with nothing to show for those who aren't Class 1 Santos shareholders - OK + BHP, Chevron, Woodside, et al.....

[@muzzleflash1]

"The difference between humans and animals is. Animals would never allow the dumbest of the herd to lead them."

[@sidecarmisanthrope5927]

Or the weakest.

[@1973RPO83]

Very Valid Points. 🖕🏻analese.

[@misplacedspirit6162]

Albo couldn't lead a Mardi Gras parade; he'd rather be taking it all in from behind.

[@MammaBear-xp7ur]

How can you tax peoples retirement savings when it’s paid for from income that’s already taxed. There should be zero tax.

[@kadmow]

- the monkeys currently in power ((this comes up every time Labour want to appear to those with no assets and only hands out for more freebies) want to spin it as "tax relief" - for the wealthy - cough, b@$tards., when initially the whole Superannuation tax rates were set to offset NON RECEIPT of wage increases, ie FORGONE income which could not be used to increase one's nest egg, or lifestyle (ie. investment in "protected assets" like the principal family home).

[@daviddou1408]

Your super contributions do not come from your income and it has not been taxed. It is a contribution paid by your employer over and above your wages.

[@derpy-j3w]

Superannuation is paid after your salary by your company. If you make 50k per year, your company must pay 12% of 50k to your superannuation (6k). This amount is taxed after it hits your superannuation account at the standard super tax of 15%. It is given this tax discount over your marginal rate as an incentive to invest in your super outside of your employer's contributions. What this law seeks to do is tax accounts, over 3m in value, based on their returns that year. For example if you had 3m and made a 10% return last year (300k), they would have taxed you on the 300k. The problem with this is that it is unrealized gains, meaning that you can get taxed on your returns (which are from stocks in your super) but if your stocks go down again, say by 300k, you are left with the same balance and you paid tax on money that your didn't commit to (realize, aka cash out on). Additionally even in the best case scenario and your stocks go up each year and never go down (impossible) your overall super balance will be massively smaller by retirement because it would have directly reduced your average rate of return by 20-40% each year dependent on your income.

[@uberboiz]

@@daviddou1408 The employer contribution is made from pre-tax income, but it is still subject to a 15% tax when it hits your super account - so what do you mean by it has *not* been taxed?

[@kensClassicMelodies]

@@daviddou1408 But it has been taxed if you salary sacrifice. Whether your sacrifice is before or after tax you still pay tax on it. So when the ATO works out your tax will they take that into consideration ? I think not

[@ObeyOurMasters]

You will own nothing and be happy under ALP!

[@PP-vf1kx]

😒 not even the shirt on me back?

[@MammaBear-xp7ur]

Unless you are an Islamist. Then you will be provided everything and if not happy you can come back for more.

[@dingodog5677]

We won’t be happy though.

[@merlinite-]

But they do offer free vaccines 😂

[@PP-vf1kx]

@@merlinite- 🥱 it will be introduced through the rear!

[@Gungho1a]

We arent all cashed up ex union bullies with retirent mansions we rent out.

[@dendennis3053]

My dad worked hard and recently retired (can hardly walk anymore) , so unfortunately, he can't get a pension. Some of his friends laugh at him for it, while collecting theirs and getting their pensioner medical discounts. My brother also worked hard, wife divorced him after 1.5 years and after a payout settlement (free money for her), she still manages to get a good share of his super as well (while she sits on her arse raking in the child care benefits and living on government welfare too), and now, the government is going to take even more from my brother? Why bother working hard or even working at all?

[@chrisnicholson-on5zp]

All a game for him and his smug grin

[@PP-vf1kx]

🤭😏

[@TheSarvaks]

Worst pm ever he is a dirty dog

[@knight2425]

Typical Labor, they throw a tax cut at you and hope you are so blind from it that you don’t see the tax hikes in other areas!

[@mickm6309]

But rusted on Labor supporters are very gullible.

[@knight2425]

@ Lets not forget Chalmers speech today "We know that the best kind of strong and sustainable economic growth means growth led by the private sector," He seems to forget Labor increased public servants by 20% 🤣🤣🤣

[@REALBeserker789]

Even Labor voters are unhappy in Labor's Australia, that's why they never stopped complaining. So why vote Labor? Where are the results? What's the point? If you want your country's problems to actually be dealt with, then it's time to grow up and vote for the LNP. Have a growth mindset. Positively challenge yourselves. *Be better* 😎

[@ZELJKO472]

Lib will do the seat switch. They will do Lib because they r sick of Albotross not that Lib are better. Is same corporation different name. Will be just a sprinkle of icing on top. Lib will be exactly the same.

[@Psittacine-pp5yd]

@@ZELJKO472 Disagree, they will not be perfect but it wouldn't be hard to do better than Liebor has done in 3 messy years

[@ZELJKO472]

Will be same but maybe a few sprinkles of icing sugar. Couldn't be worse but only a tad better.

[@foff3379]

Haha yeah vote for a party that signed up for every globalist policy labour have thats destroyed our way living from 1st world to third world wake up you arnt thinking to clearly vote one nation and put australia first not tyrants in europe

[@williamsharp2532]

@@ZELJKO472 I agree, neither party is for the worker in Australia. They both bow to a globalist, corporate, high immigration agenda dictated from abroad.

[@KT-bb1tb]

Remember that the Unions have Control of about 50% of Super Funds !

[@briananderson7285]

An black Rock have the rest.

[@clydesimpson1462]

Manage your own super.

[@GraemeMcDonald-i7k]

Fairness my arse

[@LukeXMV]

I am sure the judges will like this. They are always fair in Australia 😂😂😂

[@dangermouse496]

iv said it for years, the sum of money is too large for them to just let it sit there. it’s too tempting for them…. they were always gonna come after superannuation. ALWAYS.

[@geoffsingleton9248]

I was sure it couldn't have been just me that thought this. Also, Labor ministers will occasionally publicly advocate for super funds to 'invest' in their pet hare-brained scheme (like building an Australian electric car).

[@geoffmoore3005]

Yup...Trillions in there and this bloke can see it as his. I am 55 this year and shitting myself.

[@SandyfayLeo]

Little stumpy only knows how to live off others

[@oscarcuevas3653]

Good enough to live off his mum, then off union members, then off tax payers. Life is good for the professional liar

[@uberboiz]

That's exactly what socialism is about, and unfortunately all Labor voters are none the wiser.

[@kevinfoster7244]

Goodbye Labor

[@MatthewSwift-xc8sn]

Always higher taxes and costs with Labor

[@lostinpa-dadenduro7555]

Just leave people alone and stay out of their wallets. That’s all you have to do. But they just can’t stop.

[@bobhawke7373]

Why are you standing up for millionaires not paying fair tax rates?

[@ianpickett8420]

Thats because they are Proto Communists ... " we will all be broke and happy together "

[@PeterMoir-r7d]

He wiill start at the top and work down you idiot

[@ryandunne5379]

​@@bobhawke7373😂😂😂

[@Deathrow12345]

​@@bobhawke7373 dafuq? Hey champ the average blue collar worker is fked over not corporations

[@davexb6595]

There is zero chance that the cap will stay at $3million. Zero. It will drop to $300,000.

[@sidecarmisanthrope5927]

They could but they don't have to. You seem to be forgetting that young people starting work will have a lot more than $3 million by the time they reach retirement age. It sounds like a lot now but 30 years ago $1million for a house sounded like a fortune that only the mega wealthy could afford. This is designed to sound like a tax on the rich today but it is a tax on everyone entering the workforce.

[@ryandunne5379]

​@@sidecarmisanthrope5927100%

[@uberboiz]

@@sidecarmisanthrope5927 Exactly. Not to mention they could use this as a precedent to start taxing unrealised gains in other areas (e.g. your primary residence).

[@vernonwhite4660]

Correct Same as the new unoccupied house tax in Victoria now at 6 months will reduce so you cannot travel😮

[@vernonwhite4660]

​@@uberboizalready are on primary residence in Victoria cannot be left vacant whilst you travel if mor than 6 months. But this time will reduce bu stealth😮

[@trevorjohnston9504]

You are expecting albo to know his own policy

[@briannewman6216]

The fact that federal politicians have defined benefit super is a national disgrace.

[@philipgould4438]

From the government that brought all Australians the worlds most expensive passport .

[@clydesimpson1462]

And electricity And housing

[@williamsharp2532]

@@clydesimpson1462 Yep, in a land that abounds in coal,gas and uranium for cheap power, timber, iron, sand and limestone(concrete) and space for cheap housing.

[@Ftcvvgds6]

Albanese is as powerful as a half sucked peppermint

[@ChristianMcMillan-v7e]

🤣

[@sparhawk1228]

Inflations means 3 million a couple or more decades later will be small change for super. So most people will get hit with this super tax 3 or more decades down the road.

[@paulcox9366]

This has to be the nail in the coffin

[@albundy6976]

I'm now in my 50s I recall my grandmother decades ago saying if Labor gets in, you'll have to hide your money under your mattress looks like she was right Labor has not changed at all

[@kerrybrodie8107]

If you tax an unrealised gain, and time shows this gain is not received, will the policy allow for this to be refunded back to the individual plus the interest this would have earned. seriously, this government has to go.

[@williamsharp2532]

Not only that, will the unrealised gain take into account the dollars depreciation due to inflation? I doubt it. This proposed tax is theft.

[@daviddou1408]

There was the GFC where most super lost 30% plus so if that happens again the Government is sure to pay you a tax credit for your loss.

[@ianpickett8420]

I guess Albo's plan is to spend this tax on a pay rise for himself or more Public Servants or newer government cars ............... ?

[@ZELJKO472]

Drowning in government in Australia 🇦🇺 State, federal and council. Endless bureaucrats. Govt state, fed and council could fill 7 MCG's

[@kurt6738]

And a new beach house and have tax payers pay to upgrade the road to it

[@pomaze1]

MAGA : MAKE ALBO GO AWAY.

[@peterbarnhoorn7879]

Labor obsessed with "taxing" the individual to death...& even after..ffs ,previous govts ran the country without this 😮

[@daviddou1408]

Don't forget they weren't going to raise taxes. Bringing in a new one is not raising existing taxes.

[@Berserker978]

Running out of Cash for the Renewables.😂 As of April 2024, Australia's government debt was estimated to be close to A$900 billion. The 2023-24 Federal Budget projects that the debt will increase to A$1.067 trillion by the end of the 2026-27 financial year. Explanation: LABOR 👈

[@Psittacine-pp5yd]

They wont have to explain they will be gone.

[@ZELJKO472]

Unfortunately all the same. But yes u r right. That's because Australia 🇦🇺 doesn't make anything, everything imported. It has economic productivity of Sub Sahara Africa. It has social services/programs, govt, property and mines (which are mostly foreign corporate owned). We have no complexity at all. Basically 4 things

[@milokerigan]

Lol. National debt was under $300 billion in 2013 with Labor. Who added $543 billion? Primarily the Morrison government. Edit. LNP had doubled the national debt to approx $600 million PRIOR to COVID.

[@PP-vf1kx]

😈 I know where to squeeze out the money! 🤣😂

[@Psittacine-pp5yd]

@@milokerigan COVID silly.

[@shanesmith6815]

renewables will never pay for themselves so the money has to come from somewhere.

[@mattivation_inc]

Taxing unrealised gains is completely ridiculous.

[@StephenWalker-wq1uk]

Elbo will never pay tax as all his money is in tax free offshore accounts

[@vernonwhite4660]

ATO know this ???😊

[@user-rf2el4gh5d]

Your Through Mr Magoo 😂

[@favoureds11]

Flat rate for all Tax should never go above 15% This super tax is a nice way to force investors to look for cheaper options

[@bobhawke7373]

Let them look😂

[@ianpickett8420]

Looking more and more like the drowned Rat that he is . Mr Tax !!!!

[@speedymccreedy8785]

Albo’s new tax doesn’t seem to apply to the tens of millions he will get from a parliamentary pension.

[@mikespike2099]

Haha - it’s a tax for those OVER $3 million “destroy people lives” haha oh boohoo millionaires are crying … haha Albo is now acting like Labor should and that’s good 👍🏻

[@Kelly-j1i]

​@@mikespike2099hahahaha looney Liebor Leftard. It has already been stated looney that it effect a lot of everyday people. And tell me looney🦴 head how do you tax someone on something that has not happened Pinocchio has never had a job he has always lived of the tax payer so hahaha looney 🦴head

[@ZELJKO472]

3 mill in 30 years will not be a lot. 3 mill is your average home in Sydney's inner city suburbs. Even in Adelaide a good suburb home will fetch 1.5 plus easily

[@australiafirst520]

Get away from Peoples Money You A,,,Hole.

[@MarianneOz]

Get rid of negative gearing. Oh wait, politicians have multiple homes so they won’t vote against their self interest

[@daviddou1408]

"Negative gearing" as it is incorrectly labelled is simply an expense incurred in earning an income. Just as uniforms, work equipment, vehicles etc.

[@simongross3122]

@@daviddou1408 That's right. There's no such thing as negative gearing. "Getting rid of it" would mean that businesses could not afford to borrow money to expand. Getting rid of it would require new legislation, not the removal of a loophole.

[@daviddou1408]

@ Not a "loophole" ??????????????????? an expense in earning an income.

[@simongross3122]

@ That's right. Not a loophole. It's only seen as a loophole by those who've never had to take a risk and invest to succeed.

[@mives02]

“OH look! Another rake I can step on!” - Albo

[@adamo2332]

No one wants equity. No one wants to be equally poor. We want equality of opportunity, not equity of outcome.

[@chrisgibbons5120]

Ridiculous!!!!!!🤯

[@auzzieworker5183]

He is clueless! Needs more money, what to do? ahhh raise taxes. Brilliant.

[@anthonyplayground1402]

WoolWorths raised 1.25lts coke to $4 .... while 2lts coke is $3.90 .... Albanese would be proud of them.

[@williamsharp2532]

That crap is poison.

[@jackynick9177]

Vote him out asap !!!

[@NuclearFantasy]

All tax in Australia is "illogical" when it is so 3rd grade it has to use thresholds for percentages, rather than sliding scales which could be adjusted much more simply with one or two variables. Why do Australians put up with this sort of childish nonsense from The Authorities?

[@ZELJKO472]

Don't pay it. Or people want 'legal' Mafia (govt) to get your $$$? I understand most have to pay no way around it but plenty of ways. If someone had a business they'd be absolutely mad to pay tax.

[@merlinite-]

They are 96.4 percent idiots 😂the rest of us have to suffer

[@NuclearFantasy]

@@ZELJKO472 That goes without saying, but tell me why is it that they use thresholds rather than a fair sliding scale method?

[@NuclearFantasy]

@@merlinite- Thanks, I should have remembered.

[@merlinite-]

@@NuclearFantasy Australians today aren't the Aussies of yesterday who had a backbone ... unfortunately

[@peterschmidt1453]

Taxing unrealised capital gains should be criminal. Federal polies don't care, their super benefit is guaranteed, it does not matter how much or how little their super fund makes they get the same guaranteed pay out.

[@paulroberts3550]

Stand up for fairness says he who gave himself 3 pay rises in one term while we all go broke. Get rid of this clown !!!!

[@kruptwilson6257]

Thats criminal, no other way to put it.

[@fitzyholden1036]

No words can express just how much I dislike our PM.

[@GregHartin]

Albanese lies and deception is only game he plays

[@PeterMoir-r7d]

This is why i took all my super out when i retired and invested it myself i was not greedy prefer to be in control of my own money at less interest. now who is paying the price never trust our government to do what is right for you think for your self it's your money but a lot of people are very greedy 😅😅😅😅😅😅😅😅😅😅😅

[@HS-PGA]

How do you destroy a country . When there’s no one left to tax !

[@simongross3122]

Same as now, vote in labor. They'll find a way.

[@AnthonyWild-s7d]

Albo, you have no idea of the meaning of fair and equitable!

[@JanelleHagarty]

Australia say NOto this loud and clear at the election

[@LukeXMV]

Just keep all the profits from mineral resources. Stop collecting taxes. Problem solved. Many countries rich in mineral resources do that, have free education at all levels, free health care etc.

[@pj1043]

Albo & his cronies will make sure they are not taxed on their super only it will affect the Aussie battlers in the future. Labor isn’t not fair at all. 😢

[@GoRight-j4m]

He justifys it by saying it doesn't affect many people. He hasn't delivered anything he promised whilst being in office. He's made life hard for everyone.

[@0333Gus]

I can guarantee this won't be indexed.

[@lisanewton3154]

Prime Minister Peter Dutton. Australian Security First. Australian Manufacturing. Nuclear Power, Coal and Gas.

[@briananderson7285]

Paris Agreement and net zero, immigration.

[@markwalker8374]

Like Britain they seem to want to force anyone with what is deemed to have too much in investments to pay up or relocate elsewhere.What would the mining industry say if government used the same logic to tax the unrealised value of the mineral resources yet to be mined?

[@leojansen2773]

Whatever you do never never never never never vote for Labor.

[@clydesimpson1462]

Be thankful I don't take it all 'cause I'm the taxman If you drive a car I'll tax the street If you try to sit I'll tax your seat If you get to cold I'll tax the heat If you take a walk I'll tax your feet Taxman! Don't ask me what I want it for, if you don't want to pay some more. Copyright: George Harrison Northern Songs 1966

[@ClaytonBarratt]

Albo the commy is now a Theive !

[@gavwilson3413]

It is ALWAYS a small number of people. To start with. Before you know it, everyday people fall under the same category. If you want to lose even more of your compulsorily acquired wages to the taxman, vote for Albatross. After all, he fixed the cost of living crisis. Right?

[@darrens5731]

Labor stands up for fairness and equity 🤣🤣🤣

[@markspin4596]

So let me put this to you. What happens if an SMSF has associated illiquid assets of $3,000,000. How does one pay the tax?

[@shanehansen3705]

it's not fairness it would become equitable over the years when more and more people are trapped by this unfair tax

[@user-ph3jj4lr9c]

Albo won’t Tax his political pension or asset test it like he applies to the Aussie Electorate

[@ZELJKO472]

They are all org crim synd so I say f em. Not needed not wanted

[@Jakejackson1980]

Albo is a clown, Australia wants peter dutton raises taxes not albo

[@davidjustsimplefun8484]

They need to get the hell out of OUR money. Don't we give them enough to waste already?? What the hell do they do to actually help us earn it?? Absolutely nothing!!

[@PhillipSpence-l3i]

Taxing earnings that have Already been Taxed 😮

[@GordonNorrisJackNorris]

Just can't stand that Albo

[@darrenboyd842]

This is the rich crying! I have worked hard, low income earner since the age of 16. My super is no where near 3 million so I won’t have to worry!

[@daviddou1408]

I raised my eyebrows at 3:06. The super contribution rate is 11.5% from the 1st July 2024 up from 10.5%, not 12% and you are not contributing from your wages, the contribution is made by the employer.

[@Wombatzone31]

We pay taxes out of our wages, we pay tax on top of food and fuel, tax on the power we use, we pay tax to register our cars, we pay tax to insure those cars...... enough is enough!

[@rvanderend]

Nothing fair about it - its an absolute outrage to tax unrealised gain and no indexation. Labor always has to increase taxes for their ideologies that cost us all. The worst part is, I guarantee Albo doesn't even understand the fundamentals and impact of this policy.

[@21coops]

Albo doesn't have Super, he gets a lifetime pension.

[@Gungho1a]

Remember folks, multi million dollar retirement mansions are not superannuation. Do as albo says, not as he does.

[@rawirihemi27]

Disgusting. How is this even legal???? Taxing something you haven’t even received. wtf….

[@Old_Skip]

The labor party have never met a tax they didn't love. They give themselves three pay rises in two years and everyone else goes backwards. Please Aussies, can we vote this mob out whilst we still have something left.

[@douglasanderson153]

This is wrong in so many ways.

[@hellominions1604]

Government is addicted to taxation. We the people need to start standing ground.

[@sierramikebravo7332]

Small number, as in average income earners in 40+ years due to wages growth and inflation. Support this kids, at your peril.

[@pookeyhutchison7838]

Albo knows no bounds in ripping off people . Its your super not bloody his .

[@ichrisone]

Fine with this if politicians and EVERYONE is taxed the same on Super above $3M (and indexation applies). Still despise you Labor. :-)

[@anthonylynch4737]

Most Laziest ,pathetic selfish PM ever.

[@andrewjenkin7684]

Who has 3 million in super ? They lost most of my super in the financial crisis. Super is becoming one big rout

[@blackvulcan3]

By the time my kids get old enough to get their super, a base model Kia will be $3 million. No indexing just means it will soon be a tax that EVERYONE pays.

[@leslieboardman-z5c]

How can you trust this guy

[@risinbison1106]

I’d like to welcome all the millionaires coming here to the U.S..

[@martinlee9391]

Fair and equitable.. Everyone poor....

[@Olsnedzy]

I’m sure politicians will be exempt some how. Jeez they’re grubs

[@ianking-jv4hg]

More Tax on the thieving politicians, Not those Who Actually Work to Make Their Way In This World.

[@AuzzieNick]

Start with a high watermark at 3mill, then next year 2.5mill… then the following year and the following year… and before you know it, its all super funds, all getting taxed. Taxing money THAT IS NOT THEIRS. CHANGING THE RULES AFTER THE FACT. Its disgusting, greedy and instills no confidence for investing in Australia. This is a terrible idea as then people invest overseas and money flows out of our country. Time to give albo the boot.

[@gaz63]

This blokes a waste of space, he really is a drop kick.

[@SamuelHunt-g1t]

The easiest way to save money is to stop spending it..

[@bushmagpie3312]

What’s wrong with high super balance?, the government doesn’t need to support you. Next they will bring back income tax on super, pay it in at 15% and the pay income on out portion, taxed twice again.

[@helend2790]

This country is done.