ERROL PARKER | Editor-at-large | Contact
Opposition leader Peter Dutton has blasted the Federal Government’s move to double the superannuation concessional tax rate for people with a balance of over $3m.
“It’s an attack on everyday, beach house-owning Australians,” said Mr Dutton in Canberra this afternoon.
“This reckless move by the Albanese Government will decimate the boating industry in Australia. It will decimate the hobby farm industry. What this doubling of the super concessional tax rate for Australia’s wealthiest people actually means is that they’ll end up paying more income tax. That means they will spend less on things like property and yacht management,”
“There will be less trickle down. It’s short-sighted and Australians will remember this when they go to the polls in 2025.”
Mr Dutton conceded that this new tax will only affect a fraction of one-percent of the population but stopped short of admitting that this won’t affect all Australians in the future.
“Any Australian could one day find themselves in this position,” he said.
“After working hard, taking risks, being the best and being born to a millionaire doctor or some shit, is this the thanks the Albanese Government wants to give to the nation’s hardest workers?”
“If you work hard and back yourself in Australia, there’s no reason why you too can’t have $3m in your super. When you do, there will be a Labor Government there ready to steal from you.”
The Advocate spoke to Sir Francis Overell AC CVO, the only person in newspaper’s office building to have more than $3m in his super, about the changes.
Sir Francis said he has never voted for Labor in his life, even when “he was smelling the Hawke bath salts” after being repeatedly let down after his former school mate Malcolm Fraser’s government.
He is unaware what the super concessional tax is.
More to come.
