A Liberal senator aiming for the treasurer role in Sussan Ley’s shadow cabinet has accused Treasurer Jim Chalmers of planning a special superannuation tax exemption for Prime Minister Anthony Albanese — without presenting any supporting evidence.
Recent disclosures revealed that a small group of judges and former state officials would be excluded from Labor’s proposed changes to tax concessions on very large superannuation balances.
However, a government summary clarified that the exemptions apply only to earnings within superannuation funds that are constitutionally protected from taxation.
Despite this clarification — and the fact that the Prime Minister is not included in the exempted category — Liberal Senator Andrew Bragg claimed on Sunday that the Treasurer was devising “a tax for everyone except Mr Albanese,” accusing him of planning to introduce unique arrangements for the Prime Minister’s taxation and pension setup after the legislation passes the Senate.
“He’s given himself the power to regulate these arrangements after the bill is through,” Bragg said on Sky News. “If he really intends to apply this to the Prime Minister, he should include the parliamentary super scheme in the bill itself.”
When asked for evidence, Bragg reiterated that the regulation-making power allows changes post-legislation, calling it “a major integrity issue.”
The tax reform targets Australians with super balances exceeding $3 million — around 0.5% of the population, or approximately 80,000 people. They would be subject to an extra 15% tax on earnings, a move expected to raise $2.7 billion according to Treasury estimates.
Although Labor campaigned on the policy, it has faced criticism, with opponents arguing it amounts to a tax on unrealised gains and could harm younger generations over time. Independent MP Monique Ryan has urged the government to index the tax to inflation, warning it could impact all Gen Z Australians by the time they reach retirement age.
