Penny Wong quizzed by reader on new super changes

Foreign Minister Penny Wong has been asked whether there will be any changes to superannuation under a Labor government. SEE HER RESPONSE

Foreign Minister Penny Wong has been asked whether there will be any changes to superannuation under a Labor government.

Percy, a reader of this publication from Brisbane, submitted the question as part of News’ push to give ordinary Australians access to their leaders during the election campaign.

Last Tuesday’s budget revealed Labor is full steam ahead on taxing unrealised capital gains.

The proposal, first announced in the 2023-24 budget, would impose an additional 15 per cent tax on unrealised gains on larger superannuation balances.

In the budget forward estimates it reveals Labor expects to tax an extra $9.7 billion from superannuation funds over the five years from 2024-25 to 2028-29.

While in Melbourne on Tuesday, Ms Wong spoke of the 15 per cent tax that will apply to investment returns of superannuation accounts of greater than $3 million.

This will come into effect from July 1 this year.

“We want you to keep more of what you earn and we want you to retire with more so yes we have made changes in the past which is to lift the superannuation guarantee and to make sure people get superannuation on paid parental leave,” she said.

“We do want to make the system fairer but if you don’t have a super balance of over $3 million, I don’t think you’re going to worry about that.

“The reality is we want to make sure you can retire with the more, unlike Mr Dutton.”

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Originally published as Penny Wong quizzed by reader on new super changes