Gina Rinehart breaks silence on $554m super scandal

Gina Rinehart has broken her silence on Australia’s super mega-fund controversy, providing the first clue in the “who owns the $544m fund” debate.

EXCLUSIVE

Gina Rinehart has broken her silence on the superannuation mega-fund controversy, issuing a denial that Australia’s richest fund — worth an eye-watering $544m — belongs to her.

Last week, news.com.au reported on a detail in a superannuation graph that had social media in a frenzy.

The graph, compiled using ATO data released under freedom of information laws, showed there were about 300,000 Aussies with more than $1 million in super in 2019, and about 100 with more than $50 million — but one super account had accumulated a staggering balance of more than $544 million.

I’d love to know

Who is the ONE AUSTRALIAN with over $544 MILLION in super? pic.twitter.com/DwHyQQqT0p

— The Spence (@adambspencer) February 24, 2023

The name of the account’s owner is protected under the Taxation Administration Act 1953, but that didn’t stop wild speculation online.

Ms Rinehart, executive chair of Hancock Prospecting, was a top contender.

A frequent comment on social media was: “You do realise the owner is not a man, right?”

The names of fellow mining magnate Clive Palmer and businessman Kerry Stokes were also tossed about.

On Wednesday, however, a spokesperson for Ms Rinehart contacted news.com.au to claim that she does not own the country’s richest super account. It must be someone else.

“I can confirm that Mrs Rinehart is not the person with that $544 million super balance,” the spokesperson said.

A spokesperson for Gina Rinehart said she is not the person with $544 million in super.

Whoever the owner is, they were in for a surprise last week when the government announced that Australians with more than $3 million in super would have their concessional tax rate doubled from July 1, 2025.

The crackdown on very large funds was forecast to impact less than 0.5 per cent of all Australians with a super account – or about 80,000 people.

The federal opposition accused the Labor government of being “tricky”, given the change to concessional tax rates — from 15 per cent to 30 per cent — won’t come into effect until 2025-26, after the next election.

But Treasurer Jim Chalmers said the 99.5 per cent of Australians not affected by the change would continue to receive the “same generous tax breaks” as before, and questioned whether the opposition was prepared to mount a fight on behalf of the wealthiest Australians.

Will we ever find out the identity of the $544 Million dollar Super Man? pic.twitter.com/ZMOmpXSDbY

— David Hulme (@DavidHulmeArts) March 1, 2023

“In 2016, they jacked up taxes on superannuation to the tune of $5 billion. At the time, Angus Taylor said it’s inappropriate that someone who contributed millions and millions of dollars continues to get the 15 per cent concessions. That’s what Angus Taylor said in 2016 when they increased taxes on super,” Mr Chalmers said.

Meanwhile, speculation over the $544 million balance continues.

Following on from the tradition of pulling names from the rich list, Atlassian co-founders Scott Farquhar and Mike Cannon-Brookes were frequently suggested.

Surprisingly, Australia’s second-richest person, Andrew “Twiggy” Forrest, was not.

Others suggested the mega-fund could be owned by a friend of the National Party, hence its opposition to super tax reform.

Some even suggested it could be owned by Opposition Leader Peter Dutton himself, citing his “furiously vocal” opposition to Labor’s tax changes.

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