Chalm under pressure
Labor's backdown on super tax — despite its thumping majority — has sparked questions about just how serious it is about long-term reform.
Reporters are normally given background information before Treasurer Jim Chalmers speaks in Parliament. On Monday, there was no such guidance — just an alert.
“Treasurer Jim Chalmers will hold a press conference. 12:00PM AEDT. BLUE ROOM.”
It didn't take long to find out why. Chalmers was delivering a major backdown on the government’s signature superannuation plan — changes he had for months insisted were off the table and merely the concern of partisan critics.
Indexation was now in for the thresholds, which have been split into $3 million and $10 million, with a higher tax rate applying to the latter. Most critically, taxes on unrealised gains were out. Even so, those concessions, however sweeping, may not be enough to convince the Greens to wave the package through the Senate.
Chalmers appeared wearier and testier at this press conference than the amiable public image he has cultivated. It was no doubt challenging to remain upbeat while facing the inevitable press pack questions over whether he had just been publicly rolled by his boss.
