House debates

Thursday, 9 March 2023

Questions without Notice

Superannuation: Taxation

2:08 pm

Photo of Stephen JonesStephen Jones (Whitlam, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

I'm asked about cash flow. These are very simple concepts: earnings above $3 million, a concessional tax but a tax rate of 30 per cent; earnings on assets below $3 million, 15 per cent. It is still concessional. The reason that we are doing it is to ensure the integrity of the superannuation system and to plug the $1 trillion worth of debt that the mob over there have left us.

Honourable members interjecting


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