Today is June 9 and here is your Inside Auspol
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Australia's federal Coalition has declared all-out war on Labor's proposed superannuation tax changes, with Deputy Liberal Leader Ted O'Brien confirming the party will oppose the measures "every step of the way."
The definitive stance ends speculation about potential Coalition negotiations on the policy, which would impose additional taxation on superannuation balances above $3 million through taxing unrealized capital gains.
"This is grossly unfair and flies in the face of everything we believe in as a coalition," O'Brien told Sky News, dismissing business community suggestions that the Opposition should help "knock the edges off" the policy rather than force Labor to rely on Greens support.
Cross-Party Resistance Emerges
The Coalition's opposition joins a growing chorus of concern across the political spectrum. Independent MP Zali Steggall warned the changes could have "stifling effects on innovation," while newly elected Bradfield MP Nicolette Buller signaled the policy lacks support in her electorate.
Even within Labor ranks, the technical complexity is evident. Bennelong MP Jerome Laxle struggled to explain unrealized gains taxation during recent interviews, highlighting implementation challenges ahead.
Numbers Game in Senate
With the Greens pushing for an even lower $2 million threshold, Labor faces delicate negotiations to secure Senate passage. Greens Senator Sarah Hansen-Young confirmed her party wants the threshold reduced and indexed, setting up potential horse-trading that could dramatically expand the policy's scope.
Treasury projects 80,000 Australians currently hold super balances above $3 million, but industry modeling suggests 500,000 could eventually be captured without indexation.
What's Next
The July 2025 implementation timeline appears increasingly optimistic given legislative uncertainty and the need for new ATO systems to track unrealized gains across multiple fund accounts.
With cross-party technical concerns mounting and international evidence showing mixed results from wealth taxation, this policy battle promises to define the parliamentary term's economic agenda.
The proposed changes would generate an estimated $2.3 billion annually while affecting superannuation balances through unprecedented taxation of unrealized capital gains.
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