Anthony Albanese says he’s open to negotiating with Coalition on $3m super tax

Anthony Albanese has indicated that he will work with the Coalition to pass Labor’s proposed tax to hit super balances over $3m with a 30 per cent tax.

Speaking from Perth on Tuesday, the Prime Minister conceded that Labor doesn’t have “majority in the Senate” and said “we obviously work with different parties”.

“If the signal from the Coalition is across the board – I’m not talking specifically here – that they will be more constructive and not just be part of a no-alition with the Greens Party, then that would be welcome,” he said.

“I think people in the last term of parliament saw a Coalition that was just committed to blocking everything – housing investment, support for further investment in education,” he continued, adding that he hoped the Coalition will support Labor’s push to cut all HELP debts by 20 per cent.

While Labor has continued to face questions over its plans to double earning tax on superannuation balances over $3m, the Greens have given the policy in-principle support.

This would negate the need for Labor to seek bipartisan support in the Senate.

However the minor party has argued for the threshold to be lowered to $2m, with indexation requirements that would result in the threshold increasing over time.

Although the Coalition has indicated that it is open for negotiations, this is contingent on the inclusion of indexation provisions, and excluding the tax on unrealised gains, like property.

On Monday, Coalition finance spokesman James Paterson accused Jim Chalmers of being “in hiding” due to the controversy over the super tax.

Senator Paterson said the Coalition was “very proud to oppose it because we think it is bad tax law”.

“He’s barely been seen or heard from since the election. He’s letting other ministers like Amanda Rishworth front the Sunday shows to try to explain his complicated, confused, and contradictory policy,” he said.

Senator Paterson has also

This is due to carveouts for people on defined benefit pensions, who won’t have to pay the tax until after they retire, while people with normal super funds and self-managed funds will be liable during their working years.

This includes long-serving politicians who entered parliament before 2004, and include Mr Albanese, Foreign Minister Penny Wong and Sussan Ley.

“I think he (the Treasurer) should front up today and explain the rationale for this dodgy exemption that he’s given his boss and whether or not Anthony Albanese participated in the decision to grant that exemption.”