If you want to get ahead in Australia, it will never happen under a Labor-Greens government. Albo and Adam are running out of your money, so now they are coming after ‘future you’.
We’ve been forced to have a large chunk of our money locked away in super funds since 1992. Of the $4.2 trillion currently locked away until retirement, union-controlled industry super funds hold about one quarter – over $1 trillion – of our money. Part of this ends up funding Labor. I explained how over a year ago.
But now Labor wants to double the concessional tax rate on super funds with a balance of $3 million or more (from 15 to 30 per cent), and also to tax unrealised capital gains. Basically, Labor wants to tax ‘future you’.
The kicker is that with a Labor-Greens minority government looking more likely every day, the Greens want to lower the double-tax threshold to $2 million.
In my opinion, taxing unrealised capital gains, effectively paper valuations, is criminal. And while Labor is yet to rule out this policy ahead of the election, you can be sure that the Greens are rubbing their hands with glee.
The Greens want to increase tax on super, but they want to tax your future funds, too. This will help them to provide ‘more equitable retirement incomes’ for ‘disadvantaged’ groups as per their ‘Economic Justice’ policy. We all know what that means. It is straight out of the WEF playbook.
Although the policy is yet to pass the Senate, it is set to commence on July 1 this year. Reports are suggesting that in the lead-up to the changes becoming law, some $25 billion is flagged to leave super funds and flow into the rental property market, driving up house prices.
Instead of fighting hard against such illiberal economic policies, the Liberals are being hounded by the mainstream media (MSM) for Mr Dutton apparently back-flipping on the Fringe Benefits Tax concession for EVs on a novated lease. This Woke tax concession is grossly unfair toward those paying fuel excise while EV free riders get off scot-free.
The Liberals are also getting caught up in questions about Shadow Defence Minister, Andrew Hastie, around comments he made back in 2018 about women serving in frontline military roles. Instead of focusing on the fact that the Coalition plans to raise defence spending to 2.5 per cent by 2030 and up to 3 per cent, where it ought to be, by 2035, the MSM seems to be helping Albo.
This is far more important than ‘he said, she said’ while Labor has reduced our defence spending from 2.11 per cent of GDP to 2.02 per cent of GDP since coming to power.
Although Labor has forecast defence spending to reach 3.4 per cent of GDP in 2033-34, it is much lower and further out than the Coalition’s promise.
In the meantime, Albo has given his first preferences to a radical Greens candidate who is ‘currently renting on unceded Gadigal land in Newtown’.
As Mugatu warned in Zoolander, ‘Do not be distracted by the beautiful celebrities…’ because Labor and the Greens have been busy inventing ways to tax ‘future you’. Man, I don’t envy that guy.
Dr Michael de Percy @FlaneurPolitiq is The Spectator Australia’s Canberra Press Gallery Correspondent. All opinions in this article are the author’s own.
