Super power
In the new Senate, Labor will be able to pass its super tax tweaks with the support of the Greens — but they may demand changes.
With the Greens now holding the balance of power in the upper house, new leader Larissa Waters could force Treasurer Jim Chalmers into more sweeping taxes on unrealised capital gains — but with safeguards against bracket creep.
Chalmers’ plan, which would tax unrealised gains on super accounts with more than $3 million, is shaping up as the first test of the new Senate — where Labor will now only need the Greens to pass legislation.
In an interview with Capital Brief, Waters said she was unable to commit to a final position on Labor's policy, having not yet held a party room meeting on the idea.
But with critics warning the plan could capture more Australians over time, Waters confirmed indexation to avoid bracket creep will be discussed.
