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.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News.com.au
37 minutes ago
- News.com.au
Agriculture key sticking point in EU trade negotiations
Agriculture has continued to be the main sticking point in free trade negotiations with the EU overnight, NewsWire understands. Both Canberra and Brussels have said a free-trade agreement is on the brink of being inked, with unpredictability from the US instilling a sense of urgency on both sides. Such a deal would give Australian producers uninhibited access to the EU – 27 member states with a combined population of half a billion. But agriculture is a politically charged issue for many in the bloc, with farmers fearing increased competition and regions claiming exclusivity on the names of certain products, such as feta and prosecco. These so-called geographical indicators were central to derailing previous free trade talks at the end of 2023. NewsWire understands agriculture was presented as a must-have during negotiations on the sidelines of a major trade summit in Paris. Trade Minister Don Farrell, who is spearheading the talks, said a deal would 'deliver benefits across every sector of the Australian economy'. 'This is a once-in-a-generation opportunity to secure access to the world's largest single market and deepen ties with a vital economic partner,' Senator Farrell said. 'A trade agreement with the EU isn't just about boosting exports, it's about building economic resilience in a rapidly changing global environment. 'A trade deal with the EU would deliver benefits across every sector of the Australian economy. 'It would drive investment, strengthen supply chains, boost innovation, deepen education ties, lower costs for Australian consumers and business, and create a wealth of export opportunities. 'Both Australia and the EU recognise that now is the time to strengthen our economic partnership, and we're working through the remaining issues to try and finalise the deal.' Anthony Albanese also met with EU leaders, including Ursula von der Leyen, when he was in Rome last month for Pope Leo XIV's inauguration. The Prime Minister raised trade negotiations with the EU Commission president, who said 'Australia and Europe are reliable partners'. 'We are predictable, we share the same values as you just said, so we can offer to each other stability and we're very grateful for that,' Ms von der Leyen told reporters at the time. 'And this is the reason also that we do not only see you as a trading partner, but we see you as a strategic partner, and we would very much like to broaden this strategic partnership.' Free trade means more jobs and a stronger economy. That’s why we’re working towards a free trade agreement with the European Union. Today I met with EU Commission President @vonderleyen to discuss trade, and our work to support global peace and security. — Anthony Albanese (@AlboMP) May 18, 2025 The impetus for getting a deal across the line has been fuelled by Donald Trump's tariffs. Australia and the EU, both key US allies, have been included in baseline blanket 10 per cent levies on foreign imports as well the 50 per cent duties on steel and aluminium. The US President doubled the steel and aluminium imposts on Wednesday, drawing ire from other Western governments. A Department of Foreign Affairs and Trade spokesperson said DFAT was 'engaging with industry and assessing the potential impact of the increased tariffs'. 'We continue to advocate for Australian trade with the US and put forward our strong case to be exempt from these tariffs,' they told NewsWire. Senator Farrell said the tariffs were 'unjustified'. 'Australia's position has been consistent and clear,' he said. 'These tariffs are unjustified and not the act of a friend. 'They are an act of economic self-harm that will only hurt consumers and businesses who rely on free and fair trade. 'We will continue to engage and advocate strongly for the removal of the tariffs.'
West Australian
39 minutes ago
- West Australian
Musk urges new Trump spending bill, calls $5 trillion debt increase ‘fast lane to debt slavery' in new X post
Elon Musk has escalated his attacks on President Donald Trump's controversial spending bill, urging Congress to scrap the current proposal and draft a new one that does not 'massively grow the deficit and increase the debt ceiling by 5 TRILLION DOLLARS.' Mr Musk, who stepped down from his White House cost-cutting post just days ago, took to his X platform to voice his concerns. 'A new spending bill should be drafted that doesn't massively grow the deficit and increase the debt ceiling by 5 TRILLION DOLLARS,' he wrote, repeating his warning that 'America is in the fast lane to debt slavery.' His latest comments follow a string of social media posts in which Mr Musk has called the bill a 'disgusting abomination' and accused lawmakers of supporting a 'massive, outrageous, pork-filled Congressional spending bill.' 'Shame on those who voted for it: you know you did wrong. You know it,' Mr Musk posted earlier this week. The spending package, which narrowly passed the House and is now before the Senate, would extend and expand tax cuts, boost deductions for state and local taxes, and introduce new breaks for tips, overtime, and Social Security benefits. It also includes funding for border security, defence, and farm support, while cutting green-energy tax credits, Medicaid, and food assistance. Critics like Mr Musk and Senator Rand Paul argue the bill's $5 trillion debt ceiling increase will add to the federal deficit and put future generations at risk. Supporters, including US President Donald Trump, claim the tax cuts will drive economic growth and eventually offset the fiscal gap. Mr Musk's opposition comes after he led a federal cost-cutting team and repeatedly warned that the bill's projected $2.4 trillion increase to the deficit would 'undermine' efforts to rein in government spending. Despite his departure from the administration, Mr Musk's high-profile criticism continues to fuel debate as the Senate considers amendments to the bill before sending it back to the House.
Perth Now
an hour ago
- Perth Now
‘Fast lane to debt slavery': Musk intensifies Trump sledge
Elon Musk has escalated his attacks on President Donald Trump's controversial spending bill, urging Congress to scrap the current proposal and draft a new one that does not 'massively grow the deficit and increase the debt ceiling by 5 TRILLION DOLLARS.' Mr Musk, who stepped down from his White House cost-cutting post just days ago, took to his X platform to voice his concerns. 'A new spending bill should be drafted that doesn't massively grow the deficit and increase the debt ceiling by 5 TRILLION DOLLARS,' he wrote, repeating his warning that 'America is in the fast lane to debt slavery.' If you'd like to view this content, please adjust your . To find out more about how we use cookies, please see our Cookie Guide. If you'd like to view this content, please adjust your . To find out more about how we use cookies, please see our Cookie Guide. His latest comments follow a string of social media posts in which Mr Musk has called the bill a 'disgusting abomination' and accused lawmakers of supporting a 'massive, outrageous, pork-filled Congressional spending bill.' 'Shame on those who voted for it: you know you did wrong. You know it,' Mr Musk posted earlier this week. The spending package, which narrowly passed the House and is now before the Senate, would extend and expand tax cuts, boost deductions for state and local taxes, and introduce new breaks for tips, overtime, and Social Security benefits. It also includes funding for border security, defence, and farm support, while cutting green-energy tax credits, Medicaid, and food assistance. Critics like Mr Musk and Senator Rand Paul argue the bill's $5 trillion debt ceiling increase will add to the federal deficit and put future generations at risk. Supporters, including US President Donald Trump, claim the tax cuts will drive economic growth and eventually offset the fiscal gap. Mr Musk's opposition comes after he led a federal cost-cutting team and repeatedly warned that the bill's projected $2.4 trillion increase to the deficit would 'undermine' efforts to rein in government spending. Despite his departure from the administration, Mr Musk's high-profile criticism continues to fuel debate as the Senate considers amendments to the bill before sending it back to the House.
