Labor Clueless on Super Tax Changes

Young Australians will be hit by Labor’s new super tax but the Government seems to be clueless about its actual impact on people.

In Senate Estimates, Labor and the Treasury Department stumbled over simple questions on the long run impact of the unindexed new tax. The Government knows how much money they will likely collect in new taxes but claims not to know how many people will be impacted.

This is despite actuarial estimates of the new tax hitting 500,000 Australians, particularly impacting younger Australians.

Labor’s evidence was misleading at best because the Treasury told the Senate Economics Committee the recent 2023 Intergenerational Report does include the impact of the new super tax.

However, when pressed on how many Australians will be impacted, Treasury said they “hadn’t done that modelling”. But in the 2021 Intergenerational Report, the Treasury did have the balances, they even generated a graph.

Why did Dr Chalmers take out this analysis from the IGR? What is Labor hiding? Younger Australians are already getting a bad deal on housing. Fixing the superannuation system against younger people is not the answer. Labor should drop their new tax.

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