A recent Newspoll conducted by The Australian has found that the Labor government’s proposal to increase the superannuation tax for high-income earners has been well-received by most Australian voters. Out of 1,530 surveyed voters, 64 percent supported the plan to raise the concessional tax rate for super balances over $3 million to 30 percent in 2025. 80 percent of Labor voters approved of the plan, while 54 percent of Coalition voters had similar thinking. Voters in the 35-49 age group had the highest rate of approval at 70 percent, followed by those in the 18-34 age group at 66 percent, and the 65+ age group at 61 percent. However, financial experts have warned that the plan could potentially impact half a million Australians in the future due to inflation. Financial Services Council CEO Blake Briggs has questioned the fairness of the super cap if it remained unindexed. Despite the results, the Minister for Workplace Relations Tony Burke has cautioned against overreading them and noted that the support from the community was due to the changes being “small.”
A Newspaper survey showed most Australians back taxing bigger superannuation contributions.
