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June 3, 2025
Treasurer Jim Chalmers has been accused of going "into hiding" over the fallout of Labor's proposed superannuation tax.
The plan, one of the federal government's key economic policies, will hit those with more than $3m in their superannuation accounts with an extra 15 per cent tax initially forecast to be about 80,000 people by 2025-26 on top of the 15 per cent that all super fund members are taxed on their earnings.
Liberal senator James Paterson called the proposal a "bad tax law" after it was revealed Prime Minister Anthony Albanese and other officials on a now-defunct -defined benefits scheme would be exempt from the tax.
Senator Paterson said Dr Chalmers had gone missing since the May 3 election and called on him to answer questions about the changes to super tax concessions.
"He's letting other ministers, like Amanda Rishworth, front the Sunday shows to try to -explain his complicated and confused and contradictory policy, and he's in hiding," Senator Paterson said.
"He should front up today and explain the rationale for this dodgy exemption that he's given his boss, and whether or not Anthony Albanese participated in the decision to grant that exemption."
The LNP will oppose the reforms, which will need only the support of the Greens to pass.
Sky News' Pete Stefanovic quizzed Labor MP and Assistant Minister for Foreign Affairs and Trade Matt Thistlethwaite on the numbers involved in the tax, saying, "1.2 million Australians in the long run that's not the small amount you've all been saying."
Mr Thistlewaite replied: "Well, this is a policy ... that's aimed at ensuring that we got fairness and equity in our taxation system. Regardless of your occupation, where you live, (everyone) will all pay the same ... at the moment, some people can divert money from income to avoid paying income taxation into superannuation to get a concessional rate."
The tax is proposed to take effect from July 1.