this post was submitted on 10 Mar 2026
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Richest super balances to be taxed at higher rates after Greens agree to back Labor plan (www.theguardian.com)
submitted 3 days ago by NomNom@feddit.uk to c/australia@aussie.zone
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[–] No1@aussie.zone 1 points 1 day ago* (last edited 1 day ago)

I get and support the gist of this.

In terms of dollar values, I worry about 2 things:

  • the official CPI figures don't track to the actual cost of living, eg mortgages aren't included
  • the issue of money/government debt is uncontrolled

Maybe if it was set as the equivalent of $3M in gold as at 12 March 2026 I'd be OK....

PS:800k might be the comfortable today, but there have been multiple times the share market etc has halved, or even lost 90% of it's value. Unless you have 2x to 10x 800k, and have a living portion in liquid assets, you are not immune.

As an alternate POV, if somebody had $5M in super today, would we be OK with no extra tax if the markets crashed 50% and that meant their super was only worth $2.5M now? And the $3M fatcat who only held shares in his dodgy cousin's company that tanked, some NFTs, and cryptocurrency was now worth $100k?