Labor Closes In on Greens Deal for Superannuation Tax Hike

Photo by Jeriden Villegas on Unsplash

Labor appears to be closing in on a deal with the Greens over its controversial plan to increase taxes on high superannuation balances, though formal negotiations have yet to begin since the recent election, a Sky News First Edition panel revealed Thursday morning.

Greens Senator Sarah Hansen-Young confirmed her party's in-principle support for superannuation reform but insisted the government must agree to lower the proposed $3 million threshold to $2 million and include indexation provisions before any deal can be finalized.

"We haven't talked to the government about this particular piece of legislation yet since the election," Hansen-Young told Sky News hosts. "The ball is in the government's court. We've said right from the beginning we're willing to talk and to negotiate."

The comments come after Greens Treasury spokesman Nick McKim reportedly reaffirmed his party's support for the controversial tax in principle, according to the Australian Financial Review. The proposed legislation would impose a 30% tax on earnings from superannuation balances exceeding $3 million.

Hansen-Young confirmed the Greens' negotiating position, stating her party wants "a reform to the super system that makes it fairer and stronger and making sure that we crack down on the massive growth of wealth inequality."

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