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Labor Declares War on Wealth: Chalmers Won’t Back Down on $3M Super Tax
Superannuation Under Siege
Treasurer Jim Chalmers has confirmed the government will push ahead with its plan to double the tax on superannuation balances above $3 million. Despite fierce criticism from the financial sector, business leaders, and even former Treasurer Paul Keating, the government is not budging.
Keating, who introduced compulsory super, warned the policy could reduce super to a low-income pension scheme and destroy public confidence in Australia’s $3.9 trillion retirement system.
This Isn’t Reform — It’s a Cash Grab
The $3M cap is not just targeting the ultra-wealthy. It hits Australians who’ve built their wealth through careful planning. This is a tax on aspiration — and it sets a dangerous precedent.
The SMSF sector and corporate Australia have slammed the proposal. Their message is clear: this tax is political, not economic.
“Consultation” Is Just a Talking Point
Chalmers says the policy was announced two years ago and has been “consulted on extensively.” But consultation means little if opposition is ignored and the policy remains unchanged.
Legislation that undermines confidence and penalises success should be paused, not pushed.
Tired of Policy Risk? Time to Take Control
This policy shift highlights the danger of relying solely on the government. That’s why investors are turning to Supavest’s One Contract Property (OCP) and TIC Property as smarter, more secure alternatives.
OCP streamlines the path to property ownership by combining land and build in a single contract.
TIC Property offers fractional ownership in quality real estate — allowing investors to access strong markets without full ownership burdens.
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