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Features Australia

Nothing modest about Chalmers’ changes

Superannuation is yet again under direct attack

14 October 2023

9:00 AM

14 October 2023

9:00 AM

To paraphrase the lyrics of Billy Joel: modesty, is such a lonely word; everyone is so untrue.

Recently releasing the draft legislation to double the tax rate on higher-balance superannuation accounts, Treasurer Jim Chalmers described the change as a ‘modest adjustment… (that) will affect only a handful of people’. This is far from the case and unfortunately, this change will have significant implications and is far from ‘modest’.

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