Jim Chalmers (Rankin, Australian Labor Party, Treasurer) Share this | Hansard source

It remains our expectation that about half a per cent of people in the superannuation system will be impacted by this modest change. They'll still get very generous tax concessions in superannuation. It'll be slightly less generous. For example, someone with $3 million will get a $13,000 tax break for their investment instead of getting a $14,000 tax break. So it continues to be concessional. I think the respected financial commentator Noel Whittaker has made a similar point—that it remains concessional for everyone in the fund but is a bit less concessional for people with more than $3 million.

I think what this question also shows, apart from the fact that the shadow Treasurer's already been benched, is that this side of the House is cutting taxes for 14 million Australians and that that side of the House is going to the wall for the half a per cent of people in the superannuation system who already have more than $3 million in super.

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