The Latest Breaking News from Jim Chalmers

Albanese government to hike tax on earnings from big super balances – but not until 2025-26

The tax rate on earnings from superannuation balances above $3 million will double to 30% from 2025-26.

The Conversation · Feb 28, 2023

Tax concessions for super rich to be reduced

Generous tax concessions on superannuation will be reduced, returning $2 billion a year to the budget, the government has announced.

The New Daily · Feb 28, 2023

Super tax hikes confirmed by Labor: What it means for you

The changes will apply to around 80,000 people

Newcastle Herald · Feb 28, 2023

'Raise the rate': Call for urgent lift in welfare payments

'Poverty is a political choice, don't make it yours,' advocate told senators.

The Canberra Times · Feb 27, 2023

Liberal MPs break ranks to back Jim Chalmers’ discussion on superannuation reform

Angus Taylor says Coalition will fight any changes but Tasmanian MP Bridget Archer says we should not ‘shy away from having a conversation’

The Guardian - AU · Feb 27, 2023

Liberal Senator’s about-face on super as explosion in tax dodging revealed

Political stoush over super tax turns nasty as latest figures show use of retirement funds by wealthy investors dodging tax has exploded.

The New Daily · Feb 26, 2023

Labor defends potential superannuation changes that Coalition says would break election commitments

A bitter war of words is continuing between the federal government and the opposition as Labor continues to float winding back tax breaks on the nation's highest superannuation balances.

ABC News · Feb 26, 2023

Treasurer says super caps a 'tweak', not major reform

Treasurer Jim Chalmers says the fundamentals of super will remain untouched and his floated changes to tax breaks on large balances are not controversial.

AAP · Feb 25, 2023

Capping super balances is a logical fight to have in a country that prides itself on equality – but logic isn’t the default

If we can’t agree that generous tax concessions provide benefits to people who really don’t need help, while depriving the budget of funds for things we all need, things are really cooked

The Guardian - AU · Feb 24, 2023

Teal MPs say capping superannuation at $3m might undermine confidence in saving for retirement

Despite this pushback, most crossbench MPs remain open to debate, and several independent senators have spoken in favour of curbing some super tax concessions to help budget repair

The Guardian - AU · Feb 24, 2023