Ted O'Brien (Fairfax, Liberal Party, Shadow Treasurer) Share this | Hansard source

and it's superbad. We know it is. I believe those opposite also know it is. In fact, the most egregious part of the tax to which the honourable member referred is the taxing of unrealised capital gains—the notion that you are going to tax theoretical profits that have never even been made. We know already from question times in this sitting that neither the Treasurer nor the Prime Minister would accept stopping the extension of unrealised capital gains at superannuation. In other words, they have every intention of extending unrealised capital gains beyond superannuation. We have heard from the former prime minister Mr Keating in media reports and we have heard from the Assistant Treasurer as well that it's not going to be just a few Australians who are hit. We are going to see everyday young Australians entering the workforce today eventually hit by this new super tax from the Labor Party.

Something that hasn't been mentioned about this super tax is the fact that they are introducing something which is called the Henry VIII clause.

For new members who aren't aware of this, the Henry VIII clause basically gives the Treasurer the right, after the bill goes through the House, to unilaterally make his own proclamations of change to the superannuation rules, the tax rules, without having to come back into this parliament, effectively leaving this parliament aside. There's a story here with this Treasurer. He has a history. He was previously titled something in this House when he was on this side of the chamber. You know what it was? Sir Taxalot.

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