Labor lets the super wealthy off the hook
Labor lets the super wealthy off the hook | Australian Greens Skip to main content Search Get Involved Join Donate Our plan Tax the 1% Tackle the cost of living Healthcare for all Fix the housing crisis Strong climate action Policy principles & aims Our team Federal MPs State/territory MPs Officeholders Media releases Take action Volunteer Donate Issues & campaigns Events Greens Shop Leave a bequest Our movement About the Greens Become a member Jobs Green Magazine All news Get Involved Join Donate Search Our plan Toggle Tax the 1% Tackle the cost of living Healthcare for all Fix the housing crisis Strong climate action Policy principles & aims Our team Toggle Federal MPs State/territory MPs Officeholders Media releases Take action Toggle Volunteer Donate Issues & campaigns Events Greens Shop Leave a bequest Our movement Toggle About the Greens Become a member Jobs Green Magazine All news Labor lets the super wealthy off the hook 2025-10-13 Greens Economic Justice spokesperson Nick McKim has responded to announcement that the government has reworked the superannuation tax bill: “We will take a look at the detail here, but we’re concerned that the government has further weakened what should be a tax to ensure the super wealthy top 0.5% pay their fair share of tax.
“It’s clear Labor doesn’t have the guts to tax big corporations and billionaires fairly. “Of course low income people need some tax relief on their super contributions. This is something the Greens have called for for some time, so we will run the ruler over the changes to low income earners’ superannuation.
“Labor has stripped out the tax on unrealised gains and indexed the $3 million threshold, a gift to the super-rich that will cost the budget billions. “This is a capitulation to the wealthiest people in the country, and a slap in the face to everyone else who pays their tax straight out of their pay packet. “This new model will give a green light to the richest 0.5% to keep hoarding investment properties.
No capital gains tax will have to be paid as long as they don’t sell their properties and even then, less than half of the profits will attract tax. “We’ll look at the full legislation when it’s introduced, but this backflip shows Labor’s priorities loud and clear. They’d rather protect the wealthy few than stand up for the many.
“The Greens will keep pushing for a fair tax system that makes the wealthy pay their way, instead of one that still rewards those hoarding obscene wealth through super accounts.” Facebook for the Australian Greens YouTube for the Australian Greens X for the Australian Greens Instagram for the Australian Greens Bluesky for the Australian Greens Privacy Members website Your safety Contact us Our plan Tax the 1% Tackle the cost of living Healthcare for all Fix the housing crisis Strong climate action In your language 2025 policy platform Policy principles & aims Our team Federal MPs State/territory MPs Officeholders Federal portfolios Federal media releases Take action Volunteer Donate Issues & campaigns Upcoming events Greens Shop Leave a bequest Green Magazine All news Our movement About the Greens Become a member Jobs Members website State/territory parties Contact us The Greens acknowledge the Traditional Owners of country throughout Australia and recognise their continuing connection to land, waters and culture.
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