Superannuation is not the Government's Honeypot

Many people have reached out to me over the past few months about the Labor Government’s changes to superannuation.

Despite telling us they would make “no changes to super” the government is doubling the tax rate on some superannuation earnings.

From 1 July 2025, a 30% concessional tax rate (up from 15%) will be applied to future earnings for superannuation balances above $3 million.

While this change initially only affects a small number of Australians, the threshold is not indexed which means that the number of people hitting this limit will continue to increase. In fact, the government's own modelling shows that it will affect the retirement savings of one in 10 people in 30 years’ time.

In a bizarre and worrying development, the Assistant Treasurer compared superannuation to honey that should be managed “in the best interest of the hive” and that the government must “make sure there’s plenty of honey to go around.”

Labor seem to have forgotten that super is not the government’s money to be redistributed as they see fit – it is the money of hard-working Australians.

While I understand the need to balance the budget and ensure people pay their fair share of tax, it doesn’t make sense to penalise people who have paid significant tax during their career while saving to fund their own retirement.

We want to support as many Australians as possible to be financially self-sufficient. We want to incentivise people to save for and fund their own retirement, with the aged pension there as a safety net for those who need it most.

That’s why I am committed to opposing these tax hikes and protecting the superannuation of Australians from any change.