Nationals Member for Riverina, Michael McCormack, has slammed the Albanese Labor Government’s new superannuation tax, warning it is a dangerous and deeply unfair attack on Australians who have worked hard and saved diligently.
The tax, which will double the tax rate on earnings from superannuation balances above $3 million, has been criticised as a cash grab that targets farmers, small business owners and self-funded retirees, particularly those in regional and rural areas.
Labor’s super tax proposal will force people to pay tax on money that hasn’t even reached their savings accounts by targeting unrealised capital gains.
“This is yet another Labor policy dreamed up in inner-city boardrooms with no understanding of the real-world consequences for people living in the regions,” Mr McCormack said.
“People in the Riverina and right across the bush have worked their entire lives, built up superannuation through small business, off-farm investments and family planning, only to now be punished for doing exactly what successive governments told them to do, save for their retirement and reduce pressure on the Age Pension.”
Mr McCormack said the tax is not only punishing prudent savings habits, it is sowing seeds of doubt into the superannuation system.
“This Government has shown time and again it has no respect for the promises made to Australian retirees. This is not about fairness, this is about plugging Budget holes created by Labor’s reckless spending,” Mr McCormack said.
“Farmers and small business operators who hold business or property assets inside super, as part of legitimate succession and retirement planning, will be hit hard. These aren’t latte-sipping city elites, they’re families in Lockhart, Temora, Cowra, Yass, Crookwell, Tumut, Wagga Wagga, the wider Riverina electorate and country communities who are just trying to do the right thing.”
Mr McCormack warned the retrospective nature of the change would do long-term damage to confidence in the super system.
“How can Australians trust the rules when Labor is willing to change them after the fact?
“If this tax goes ahead, it sends a clear message – don’t bother planning for your future because the goalposts will move whenever it suits this destructive Labor Government,
“This is just the latest attack by Labor on regional communities, from their reckless rush to renewables which is destroying productive, arable farmland and dividing families, to this punitive super tax which will penalise multi-generational farmers for decades of hard work and long-term planning.
“The Coalition will fight this bad policy tooth and nail. We stand for regional Australians who work hard and expect a fair go, not to be punished for their success.
Mr McCormack is calling on the Albanese Government to immediately abandon the tax and commit to protecting the integrity of Australia’s superannuation system for all Australians, not just those living in metropolitan postcodes.
“If you’re concerned about this unfair tax, I want to hear from you. Please email me at michael.mccormack.mp@aph.gov.au and let me know how this policy will affect you, your family, or your business. Together, we can send a strong message to Canberra, regional Australians will not be ignored.”
