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The Latest Breaking News from Jim Chalmers

Afternoon Update: tax hike on $3m super balances; robodebt inquiry ‘double down’ claim; and a Test cricket classic

Balances of more than $3m will be taxed at 30%, up from current concessional rate of 15%

The Guardian - AU

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

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

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

The changes will apply to around 80,000 people

Newcastle Herald

Treasurer Jim Chalmers caps super tax breaks for accounts with more than $3 million

Treasurer Jim Chalmers will double the tax rates paid by Australians with superannuation account balances worth more than $3 million, in a move he says is about budget sustainability and equity.

ABC News

Almost 40% of superannuation tax concessions flow to top 10% of earners, tax statement shows

Treasurer Jim Chalmers says analysis will ‘help increase public awareness and inform debate about the fairness and efficiency of the tax system’

The Guardian - AU

Bigger superannuation balances to face higher taxes

Australians with superannuation balances above $3 million will attract less generous tax breaks under changes due to come into force in 2025.

AAP

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Paul Bongiorno: Government needs to play the politics of broken promises carefully

The worst thing a government can do, according to opposition politicians and some of the commentariat, is to break election promises.

The New Daily

'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

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

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

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

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

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

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The Guardian - AU

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 New Daily

The Ferguson Report: Irony declared dead as publisher announces ‘sensitivity rewrite’ of 1984

The classic political novel 1984 will be rewritten by Inclusion And Diversity specialists who think they know better than George Orwell.

The Guardian - AU

Superannuation should not be used for cosmetic surgery, Stephen Jones says

Australia’s assistant treasurer warns using loopholes to ‘game the system’ risks ruining early funds release for those who need it

The New Daily

Dutton ready to fight for the super wealthy – the 0.005 per cent of Australians

“The whole idea of superannuation is it provides for people's retirement so that they can lead a dignified retirement,” Mr Dutton said.

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The New Daily

What the Treasurer’s proposed cap on superannuation balances means for you

Treasurer Jim Chalmers opened the debate on superannuation reform when he released the likely wording for the objective of superannuation

The Conversation

Grattan on Friday: Defining superannuation's 'objective' should leave room for debate about its use for housing

The Albanese government is prodding the superannuation bear, which can be a dangerous beast when stirred.

AAP

Treasurer looks for inflation solution at G20 summit

Treasurer Jim Chalmers will meet G20 counterparts in India to discuss tackling global inflation and supply-chain challenges spurred by the war in Ukraine.

ABC News

Potential superannuation changes floated by Labor dubbed broken election promise by Coalition

The federal Coalition takes aim at the government's decision to open a conversation about superannuation changes, with Treasurer Jim Chalmers saying Labor does not want to "revolutionise" the system but is open to tweaking it.

The Guardian - AU

Jim Chalmers signals cap on super balances to rein in tax concessions for wealthy

The treasurer suggested that the small percentage of people with pots over $3m should not receive tax benefits, but prime minister more cautious

The Guardian - AU

Afternoon Update: super tax changes on the table; Andrew Tate detention extended; and introducing Wordiply

The federal government is hinting at possible tweaks to superannuation concessions in the coming May budget

The Guardian - AU

What are Australia’s tax concessions on super and are they a problem?

Tax concessions on retirement savings are costing the budget billions and some people are accumulating mega balances

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