Topics: Superannuation, more taxes under Labor  

E&OE

NATALIE BARR:

Well, a super war is brewing ahead of the federal budget, the Prime Minister is promising not to make any major changes to superannuation, but he also won't rule out slashing tax breaks that could hit high income earners the hardest, as the government looks at ways to fund its election commitments. For more, I'm joined by Shadow Treasurer Angus Taylor. Good morning to you. Could you tell us what's wrong with potentially reducing tax concessions for wealthy Australians?

 

ANGUS TAYLOR:

Well, the starting point here Nat is that is that the government made a clear and unambiguous commitment. The Prime Minister made a clear and unambiguous election commitment that he wouldn't come after your superannuation money. This is Australians’ money, it's their money, not the government's money, they made an unambiguous commitment and now they seem to be changing their tune. They want to tax you more. They want to spend the money on what they want to spend it on. Not in the interests of Australians. It is Australian’s money after all.

 

NATALIE BARR:

Yeah, so I guess let's look at what the actual potential plan is because governments break promises and change their minds all the time. So, if you have what, $2 to $3 million in your superannuation account, you'll pay more tax, and the money that the government will save can be spent on things like aged care, health and defence, is that what they're after? Because for a lot of people, they'll say, oh, maybe that's a good idea.

 

ANGUS TAYLOR:

I don't know what they're after. All I know is that they've been talking a lot over the last week about taxing more on your super, and spending that super money on their pet projects. And that's exactly the opposite of what the Prime Minister committed before the election. So, you know, I think that's the starting point. Obviously, the really important point here is that this is Australians money, it's not the government's money to play with. I know Australians feel that very strongly, particularly the time like this, when there's real pressures on Australian households and those pressures need to be recognised by the government.

 

NATALIE BARR:

So, if the average super balance in Australia is $150,000, two thirds of Australians have less than $100,000. In super, if we're talking about only hitting people who have millions of dollars in super to pay for things like health, defence and aged care, could there be an argument in favour of that? Is that the right thing to do?

 

ANGUS TAYLOR:

Well, I'm not going to speculate on all the possible options that that the government might consider.

 

NATALIE BARR:

But it sounds like that’s what they’re talking about.

 

ANGUS TAYLOR:

They are talking about taxing your super more.

 

NATALIE BARR:

Well not mine because I don’t have $2 million. Maybe yours.

 

ANGUS TAYLOR:

I'm talking about Australia. You know, it's very clear that they've been talking for weeks now. I mean, going right back, but particularly in the last few days about how they can come after people super. Now the point here now is very simple. They made a commitment; the Prime Minister made an unambiguous commitment on this. We had an election in 2019, about coming after people's money through tax and it's the wrong thing now to break that commitment.

 

 

 

NATALIE BARR:

So, I guess, is it fair to be Robin Hood on this? To rob the rich to pay for the poor? Because that sounds like that's the plan. And you're against that?

 

ANGUS TAYLOR:

Well, we don't know what the plan is.

 

NATALIE BARR:

Let’s just say that’s what it is, because that what it sounds like. Because all governments I mean, let's face it, all governments break promises. I mean, you guys said you were going to do a Federal ICAC. It never happened. I mean, we could get the list of broken promises for every single government couldn't wait. So let's say that you're still against it. It

 

ANGUS TAYLOR:

It’s a big deal if the government is coming after your money, it’s Australian money.

 

NATALIE BARR:

Well not mine because I don’t have millions of dollars but it will be coming after some people’s money, yes.

 

ANGUS TAYLOR:

But they are talking about spending that money on their pet projects.

 

NATALIE BARR:

Health, Defence is probably not a pet project. I'm just wondering if that's a good idea. I'm just getting your opinion.

 

ANGUS TAYLOR:

Well, what I'm saying is that it's Australians money, which do have money. Most Australians have money, some money in super, and it should be invested in your interests, in the interests of all Australians. It's not for the government to tax it and spend it because they have a hole in their budget. That's not what it's about. Okay.

 

NATALIE BARR:

 Angus Taylor, thank you for your time.

 

ANGUS TAYLOR:

Good on you, thanks Nat.

 

ENDS