Passing a law that will make 80,000 Australians with more than $3m in superannuation pay a bit more tax doesn’t sound like the kind of thing that would worry a newly returned Labor party still giddy from a historic election victory.
But it is being styled by some as the Albanese government’s first big test. The Australian Financial Review calls it an “intrusion into the nation’s retirement funds to paper over the government’s runaway spending” that could pave the way for the government to “introduce other wealth taxes like higher capital gains taxes or even inheritance taxes”.
