Canberra: Assistant Treasurer Daniel Mulino has strongly rejected suggestions that union influence is behind Labor’s proposed superannuation tax changes, labelling criticism as part of a “scare campaign” designed to mislead the public.
The federal government's plan, which would apply a 30% tax on unrealised capital gains for superannuation balances over $3 million, has sparked fresh political debate. Critics argue the measure is excessive and potentially damaging, but the government insists it is a targeted reform to make the super system more equitable and sustainable.
“There’s absolutely no basis for the claim that this is being driven by unions,” said Dr. Mulino on Monday. “This is responsible policy aimed at ensuring generous tax concessions are directed where they are most needed — not at a tiny proportion of Australians with ultra-high super balances.”
Dr. Mulino also confirmed that only about 0.5% of super account holders — roughly 80,000 individuals — would be affected by the changes.
Meanwhile, the Greens, under newly appointed leader Larissa Waters, are renewing their push for even tougher reforms. Speaking to reporters, Senator Waters revealed the party is “in talks” to lower the proposed $3 million threshold, aiming to broaden the scope of the tax to include more wealthy Australians.
“We believe superannuation should be used for retirement, not as a tax haven for the rich,” said Senator Waters. “A lower threshold would help redirect billions in tax concessions back into essential services like housing, education, and climate action.”
The Greens’ stance could complicate the legislative path for Labor, as the party may need crossbench support in the Senate to pass the reforms.
The proposed tax changes are set to take effect from July 2025, if passed, and come amid broader calls for reforming Australia’s $3.5 trillion superannuation sector.
As the political debate intensifies, both Labor and the Greens are holding firm to their respective visions of a fairer super system — one targeting the wealthiest, and the other pushing to go further.
