Treasurer Jim Chalmers under fire for refusal to ‘take feedback' on superannuation tax changes
Opposition to Labor's plan to double the tax rate from 15 to 30 per cent on super accounts over $3 million has picked up pace, with former prime minister Paul Keating and secretary of the Australian Council of Trade Unions' Sally McManus blasting the government for not indexing the policy.
Mr Chalmers is being urged to dump or drastically overhaul the plan ahead of the upcoming economic reform roundtable.
It comes as after a report from Wilson Asset Management revealed the move would inflict a $20 billion hit to the budget over four years, with an array of small growth businesses and startups forgoing billions in tax revenue.
Liberal MP Aaron Violi blasted the Treasurer for declining to heed the advice of a long line of industry experts and said the government should be willing to make concessions if it wanted to tackle stagnating productivity.
'It's clear these changes to superannuation indexation are not supported by Sally McManus at the ACTU. Paul Keating let the cat out of the bag yesterday about indexation, that most if not all Australians ... will now be hit,' Mr Violi said.
'Indexation is one of those red lines for us as a Coalition because we know more and more Australians will hit that $3 million mark in the future and the reality is that $3 million today will be different to $3 million in ten, twenty and thirty years.
'Jim Chalmers has to be prepared to listen and take the feedback, and I don't know anyone outside of Jim and Anthony Albanese that think this is a good proposal.'
Chairman and Chief Investment Officer at Wilson Asset Management Geoff Wilson also despaired that young Australians entering the workforce today would be caught up in the tax due to wages and inflation shifts over time.
"In terms of destroying the aspirations for young Australians, that's what this tax on unrealised gains is going to do,' Mr Wilson said.
He also savaged the government for taxing unrealised capital gains which is widely considered an unprecedented move that goes against decades of Australian taxation theory.
'It's illogical, it's flawed, some people are saying it's s criminal theft, paying tax on a profit or a gain you may never make.'
Mr Wilson told Sky News he would be penning a formal submission to the government's productivity roundtable containing his fund's dire findings and arguing that the tax would be a productivity killer.
Mr Violi railed against the government for targeting unrealised gains, and said the move was sparking alarm and outrage among his constituents.
'That principle of taxing unrealised capital gains, farms in my community and others that might have a paper profit but they don't actually have the money to pay an extra tax on that, they are the two red lines for us,' Mr Violi said.
Labor MP Julian Hill told Sky News that the change would only impact a modest amount of wealthy Australians.
'We took the tax change to the election, we have a mandate, that's our position, I think that we've won that argument with the Australian people.'
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"He was a major force of getting aviation to the industry that we know... these days, from sort of pioneering days through to establishing [it] as a regular and reliable form of transport. "And he was really instrumental in bringing business skills into making that possible." Aviation engineer Greg Dunstone, of Canberra, played a pivotal role in revolutionising air traffic control after leading the development of radar surveillance technologies in Australia and the Asia Pacific region. "To know where others are, to be able to have air traffic controllers move you around with the full information systems of using radar to its ultimate, it's a very, very enhanced, safe system compared to what it was even 20 and 30 years ago," Mr Badham said. "Even leading up to the Sydney Olympics, he was still bringing in, they were bringing in systems that we accept as having been there forever. "Well, they haven't, and it took people like Dunstone to actually make it possible." Bill Bristow will round out this year's Hall of Fame class for his role in providing sick children in rural Australia with free flights and transportation to receive medical care. A passionate aviator since 1970, Mr Bristow, of Brisbane, established Angel Flight Australia in 2003 to improve access to medical care for people with non-emergency medical conditions. Mr Badham said that while emergency services were available, many people with less urgent medical issues or their parents were having to drive long distances to receive medical care. "It's a huge effort and a huge impact on the parents and the friends to make that possible by mobilising 3000 pilots and 4000 ground volunteers to move 100,000 kids." "The assistance that's... provided to parents has been invaluable." Since the hall of fame's inception in 2011, 61 Australians have been honoured for their outstanding contributions to aviation. This year's class will be officially honoured at the Australian Aviation Hall of Fame gala induction dinner at Albion Park, NSW, on March 14. Regional Aviation Association will also be honoured with this year's Southern Cross award. The dinner will coincide with the Airshows Downunder Shellharbour event. The airshow will feature flying displays, a chance to get up close and personal with historic, military, modern and aerobatic aircraft, carnival rides, market stalls and food. Share your thoughts in the comments below, or send a Letter to the Editor by CLICKING HERE. A fearless pioneer who helped popularise aviation in Australia and a skilled engineer who made flights in Australia safer are among the names to be honoured at this year's Australian Aviation Hall of Fame. Four aviators and aviation experts will be honoured in this year's hall of fame, with their combined services spanning more than a century. 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