This bill became law on Mar 13th, 2026.
Budget, tax & economy
Australians with superMoney saved and invested during a person's working life to help fund their retirement. balances above $3 million will pay extra tax on future earnings, with a higher extra tax applying above $10 million.
Super tax concessions were not well targeted, leaving very large balances above $3 million receiving concessional tax treatment while low-income workers received limited offset support. The bill imposes extra tax on future earnings above $3 million and $10 million and expands the low-income superMoney saved and invested during a person's working life to help fund their retirement. tax offset from 2027-28.
Australia already gave concessional tax treatment to superannuationMoney saved and invested during a person's working life to help fund their retirement. earnings, but the government argued those concessions were poorly targeted when very large balances above $3 million could keep receiving them while low-income workers had limited offset support. After a 2023 budget plan, later concerns about the design, and parliamentary debate that compared superMoney saved and invested during a person's working life to help fund their retirement. changes with revenue from gas exports, HECS, beer and cigarettes, the bill imposed extra tax on future earnings above $3 million and $10 million while expanding the low-income superMoney saved and invested during a person's working life to help fund their retirement. tax offset.
The main criticism was that the bill creates a new tax on retirement savings that opponents said was not clearly taken to the election and could undermine confidence in superannuationMoney saved and invested during a person's working life to help fund their retirement. rule settings. Coalition and Nationals speakers opposed the package overall, while some crossbench supporters said earlier concerns were reduced after the government removed unrealised-gains taxation, indexedAutomatic increases to an amount over time to reflect inflation. The bill says the 3 million dollar and 10 million dollar thresholds will rise this way. the thresholdsA set dollar level that decides when a rule starts to apply. In this bill, the key levels are super balances above 3 million dollars and 10 million dollars. and delayed the start date.
Jim Chalmers MP introduced this bill. It passed with support from Labor, Greens, Australia's Voice, some crossbench members; opposed by Liberal Party, One Nation, Nationals, UAP, some crossbench members.
Did it become law?
Yes
Became law 13 Mar 2026
Final passage
Recorded final vote
1 counted final-passage vote was recorded.
Passage speed
30 days
From introduction to the latest recorded parliamentary step
Meaning
Australians with superMoney saved and invested during a person's working life to help fund their retirement. balances above $3 million will pay extra tax on future earnings, with a higher extra tax applying above $10 million.
The new tax starts from 2026-27 and the $3 million and $10 million thresholdsA set dollar level that decides when a rule starts to apply. In this bill, the key levels are super balances above 3 million dollars and 10 million dollars. will rise with inflation over time.
Individuals can pay the new tax from superMoney saved and invested during a person's working life to help fund their retirement. or other money, and some defined benefit membersA super fund member whose retirement benefit is worked out by a formula, often based on salary and years of service, rather than only on investment returns. can defer payment until benefits are paid.
Super funds must work out and report members’ relevant earningsThe earnings amount a super fund must work out and report for a member so the new tax can be calculated. to the tax officeThe government agency that collects tax and manages parts of the super system, including receiving reports from super funds., using special methods for defined benefit and other complex products.
Low-income workers get a larger super tax refundA government payment that helps low income workers by refunding some tax paid on their super contributions., with eligibility rising to incomes up to $45,000 and the maximum payment rising to $810 from 2027-28.
The Better Targeted Superannuation Concessions measure will apply an additional 15 per cent tax to future earnings on superannuation balances above $3 million and a further 10 per cent tax to future earnings on balances above $10 million, ensuring superannuation tax concessions are better targeted to those who use them for genuine retirement income purposes. Both of these thresholds will be indexed annually.Superannuation (Building a Stronger and Fairer Super System) Imposition explanatory memorandum
Both the large balance threshold of $3 million and the very large balance threshold of $10 million will be indexed to maintain relativity with the transfer balance cap, which will reduce the number of individuals in scope over time compared to the original policy.Superannuation (Building a Stronger and Fairer Super System) Imposition explanatory memorandum
For each income year from 2026-27, as announced in the original measure, the Commissioner of Taxation will calculate a Division 296 tax liability and notify individuals of their tax liability for a given income year. Division 296 tax will be levied directly on individuals and imposed separately to personal income tax and superannuation fund tax. Individuals will have the option of paying their tax liability by either releasing amounts from their superannuation or using amounts outside of the superannuation system. Division 296 tax liabilities relating to a defined benefit interest not in the retirement phase may be deferred until retirement, with interest.Superannuation (Building a Stronger and Fairer Super System) Imposition explanatory memorandum
The general rule for working out an individual’s superannuation earnings on an interest will involve working out how much of the earnings of the superannuation fund are attributable to their superannuation interest. Superannuation funds will work out the amount in accordance with the relevant methodology, and report this to the ATO. Note that a different method applies to defined benefit interests not in retirement phase and certain other prescribed interests discussed below.Superannuation (Building a Stronger and Fairer Super System) Imposition explanatory memorandum
The boost to LISTO will expand concessions for low income workers. The Bill will increase the maximum LISTO amount by $310, from $500 to $810, and raise the eligibility threshold to include those earning up to $45,000 a year. This will provide low income workers with more superannuation in retirement and enhance equity in the system.Superannuation (Building a Stronger and Fairer Super System) Imposition explanatory memorandum
Context
Australia already gave concessional tax treatment to superannuationMoney saved and invested during a person's working life to help fund their retirement. earnings, but the government argued those concessions were poorly targeted when very large balances above $3 million could keep receiving them while low-income workers had limited offset support. After a 2023 budget plan, later concerns about the design, and parliamentary debate that compared superMoney saved and invested during a person's working life to help fund their retirement. changes with revenue from gas exports, HECS, beer and cigarettes, the bill imposed extra tax on future earnings above $3 million and $10 million while expanding the low-income superMoney saved and invested during a person's working life to help fund their retirement. tax offset.
Government prepares a cap on large superMoney saved and invested during a person's working life to help fund their retirement. tax concessions
The Australian Financial Review reported that the Albanese government wanted to implement a tax cap on very large superannuationMoney saved and invested during a person's working life to help fund their retirement. balances before the next federal election.
Australian Financial Review ↗Budget puts a revenue figure on the large-balance superMoney saved and invested during a person's working life to help fund their retirement. tax plan
Budget reporting said the proposed superannuationMoney saved and invested during a person's working life to help fund their retirement. tax increase was expected to raise $2.3 billion in its first full year of operation.
Australian Financial Review ↗Treasury consults on exposure draft legislation
Treasury consulted on exposure draft legislation and used technical working groups in late 2025 and early 2026 to finalise implementation details.
Superannuation (Building a Stronger and Fairer Super System) Imposition explanatory memorandum ↗Bill introduced to impose the new superMoney saved and invested during a person's working life to help fund their retirement. taxes
The bill was introduced to start the parliamentary process for taxing future earnings above the $3 million and $10 million thresholdsA set dollar level that decides when a rule starts to apply. In this bill, the key levels are super balances above 3 million dollars and 10 million dollars. and expanding the low-income superMoney saved and invested during a person's working life to help fund their retirement. tax offset.
Parliamentary timeline ↗Gas export tax comparison raised in debate
In second reading debate, a member argued the government raised more from HECS, beer and cigarettes than from gas export taxation and linked that criticism to the fairness of the tax system.
Second reading speech ↗House passes the bill
The House agreed to the bill at third reading, completing its passage through that chamber.
Parliamentary timeline ↗Parliament passes the bill
Both houses passed the bill in the same form, completing parliamentary passage.
Parliamentary timeline ↗Legislative route
The bill was formally presented to the chamber and read a first time, which starts its parliamentary journey.
Introduced and read a first time
A minister or sponsoring member moved the second reading, opening the main debate on the bill's purpose and principles.
Second reading moved
The bill reached this recorded parliamentary step.
The bill reached this recorded parliamentary step.
Recorded vote: 95 to 35.
The chamber agreed to the bill at second reading, meaning it accepted the bill in principle and allowed it to continue.
Second reading agreed to
The chamber agreed to the bill at third reading, which completed passage through that chamber.
Third reading agreed to
The bill was formally presented to the chamber and read a first time, which starts its parliamentary journey.
Introduced and read a first time
A minister or sponsoring member moved the second reading, opening the main debate on the bill's purpose and principles.
Second reading moved
The bill reached this recorded parliamentary step.
Recorded vote: 33 to 22.
The chamber agreed to the bill at second reading, meaning it accepted the bill in principle and allowed it to continue.
Second reading agreed to
Recorded vote: 33 to 22.
The chamber agreed to the bill at third reading, which completed passage through that chamber.
Third reading agreed to
Both houses passed the bill in the same form, completing parliamentary passage.
Finally passed both Houses
The Governor-General gave Royal Assent, turning the bill into an Act.
Key criticism
The main criticism was that the bill creates a new tax on retirement savings that opponents said was not clearly taken to the election and could undermine confidence in superannuationMoney saved and invested during a person's working life to help fund their retirement. rule settings. Coalition and Nationals speakers opposed the package overall, while some crossbench supporters said earlier concerns were reduced after the government removed unrealised-gains taxation, indexedAutomatic increases to an amount over time to reflect inflation. The bill says the 3 million dollar and 10 million dollar thresholds will rise this way. the thresholdsA set dollar level that decides when a rule starts to apply. In this bill, the key levels are super balances above 3 million dollars and 10 million dollars. and delayed the start date.
Criticism narrowed after design changes, but Coalition and Nationals speakers still opposed the bill.
New tax on retirement savings
Opponents argued the bill was a revenue-raising tax on superannuationMoney saved and invested during a person's working life to help fund their retirement., rather than a retirement-income reform, and said it would weaken trust that superMoney saved and invested during a person's working life to help fund their retirement. rules are stable.
Election mandate and broken-promises concern
Critics said Australians had not voted for this tax change and framed it as part of a broader concern that the government had broken tax promises after the election.
Risk to farmers, small business and large illiquid balances
Nationals speakers warned they would watch for effects on farmers, small business owners and retirement savings, reflecting concern that people with large but less liquid assets could be caught by superMoney saved and invested during a person's working life to help fund their retirement. tax changes.
Earlier design flaws and implementation confidence
Some opponents said the government had badly mishandled the reform because earlier versions taxed unrealised gains and did not index the $3 million thresholdA set dollar level that decides when a rule starts to apply. In this bill, the key levels are super balances above 3 million dollars and 10 million dollars., only retreating after pressure.
Further sources
Votes
The chamber-passage votes come first. Expand a vote to see the party breakdown.
House agreed to the bill's third reading on the voices, so there is no list of individual Aye and No votes for final passage in that chamber.
Passed on the voices
In a voice vote, members call out Aye or No and the presiding officer judges which side has it. Individual names are only recorded if a formal division is called.
Passed 33 to 22. Support came from Labor, Greens, Australia's Voice, and minor parties and independents. Opposition came from Liberal Party, One Nation, Nationals, UAP, and minor parties and independents.
Earlier bill-stage votes
Passed 95 to 35. Support came from Labor, Greens, and Centre Alliance. Opposition came from Liberal Party, Nationals, and One Nation. Minor-party and independent votes were split.
Passed 33 to 22. Support came from Labor, Greens, Australia's Voice, and minor parties and independents. Opposition came from Liberal Party, One Nation, Nationals, UAP, and minor parties and independents.
Passed 33 to 22. Support came from Labor, Greens, Australia's Voice, and minor parties and independents. Opposition came from Liberal Party, One Nation, Nationals, UAP, and minor parties and independents.
Recorded amendment and procedural votes grouped by chamber. Expand a vote to see the party breakdown.
Senate
Defeated 4 to 42. Support came from One Nation. Opposition came from Labor, Greens, Liberal Party, Australia's Voice, and minor parties and independents.
Those points of the One Nation amendment were not agreed.
Defeated 20 to 32. Support came from Liberal Party, One Nation, Nationals, and minor parties and independents. Opposition came from Labor, Greens, Australia's Voice, and minor parties and independents.
The rest of the One Nation amendment was not agreed.
This list includes amendment votes, procedural votes and votes on the bill itself.
Parliamentary debate
Start here — lead voices
Chalmers supports the bill and wants it passed, saying it works with the related Treasury laws bill to make the superannuationMoney saved and invested during a person's working life to help fund their retirement. system stronger, fairer and more sustainable.
Read in Hansard ↗Julian Leeser says the coalition opposes the bill because he sees it as a sneaky new tax on superannuationMoney saved and invested during a person's working life to help fund their retirement. that undermines certainty for retirees, small businesses and future investors.
Read in Hansard ↗Allegra Spender says she supports the bill because scaling back tax concessions on very large superMoney saved and invested during a person's working life to help fund their retirement. balances is a fair way to focus superMoney saved and invested during a person's working life to help fund their retirement. on providing a dignified retirement.
Read in Hansard ↗Pocock supports the bill because he says it makes superMoney saved and invested during a person's working life to help fund their retirement. tax concessions fairer, improves intergenerational equity and fixes problems such as the low-income superMoney saved and invested during a person's working life to help fund their retirement. tax offset.
Read in Hansard ↗All speeches by bloc
27 speakers · 31 contributions · 27 support
“These bills do exactly that. They deliver more help to more people. They better target concessions. They strengthen equity. They safeguard sustainability. For the factory worker, for the aged-care worker, for the young apprentice working to be a tradie, for the enrolled nurse, for the hospitality worker, for the shiftworker, for the miner, for the part timer and for the casual, these bills are changing Australia for the better. It's a reform that builds a stronger, fairer super system and I commend it to the House.”Read the full speech in Hansard ↗
“I rise to speak in support of the Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026 and the Superannuation (Building a Stronger and Fairer Super System) Imposition Bill 2026. This legislation is about strengthening what is one of Australia's most important social institutions, our superannuation system. It's about fairness, boosting retirement savings for everyday Australians, closing loopholes that benefit the very wealthy and addressing structural inequalities that have left, in particular, many women retiring with significantly less super than they should have.”Read the full speech in Hansard ↗
“This bill is the product of genuine consultation with communities like mine, and it reflects the collective spirit of Australians who want to see the superannuation system become stronger and even fairer so that it continues to deliver a more secure retirement for millions of working Australians today and into the future, and not just some working Australians. Of the three pillars of retirement savings in this country—the age pension, super and personal savings and assets—super needs to be maintained as the driver, and this bill is part of the reform necessary to further the objective of an equitable and sustainable system, providing all working Australians with a dignified retirement. I commend the bill to the House.”Read the full speech in Hansard ↗
“For those of us who remember insecure work under WorkChoices—earning less than $10 an hour and responsible for paying our own superannuation out of that wage—the importance of a strong, enforceable and universal superannuation system is not theoretical; it is lived experience. It should be paid as it is earned, it should be preserved for retirement, and the concessions that support it should be equitable and sustainable. This legislation advances that purpose. I commend the bills to the House.”Read the full speech in Hansard ↗
“This bill is about strengthening Australia's superannuation system and ensuring it remains fair, sustainable and fit for the future. Superannuation plays a central role in providing dignity and security in retirement, and it is important that the system works for all Australians, not only those with large balances. Through this legislation we are making superannuation fairer from top to bottom, helping workers across the economy build a more secure retirement. It means disability and aged-care workers, retail and hospitality staff, early childhood educators and nurses, who work hard every day, will have the security that their retirement savings will support them later in life.”Read the full speech in Hansard ↗
“Deputy Speaker, I'd like to leave you with a statistic that demonstrates the purpose of this bill. There are 14 times as many people who will benefit from the changes to the LISTO as there are people who have over $3 million in super. It is now time for those opposite to put their support behind a fairer super system, and I urge them to vote for Australians on low incomes, not to vote for bigger tax breaks for the few who have millions in their super funds.”Read the full speech in Hansard ↗
“Superannuation has reduced future pension pressure. It has increased household wealth. It has deepened capital markets. And it has given millions of Australians a tangible stake in our nation's prosperity. Superannuation is one of Australia's most important public policy achievements. That's why it's so important for us to confront any imbalances in the system when they do arise, and that's exactly what this bill does. It strengthens support where it's most needed. It moderates concessions where they are least justified. It modernises the system whilst respecting its very foundations. It's measured, targeted and principled. This bill ensures that the system remains strong, fair and sustainable for generations to come. I commend the bill to the House.”Read the full speech in Hansard ↗
“I am proud to be part of this government because we actually stick to what we believe in, and we believe all Australians deserve respect and deserve to have a secure retirement when they leave the workforce. We have also taken many steps since we have been in government to ensure that Australian women have a better life. Superannuation in Australia remains one of the world's most successful retirement savings systems, and its ongoing strength and fairness can be largely attributed to the vision and stewardship of Labor governments. The Albanese Labor government's reforms enshrining the purpose of super, supporting higher contributions, closing loopholes and promoting equity are the latest chapter in this proud legacy. These measures ensure that superannuation will continue to deliver for generations of Australians, providing financial security and, most importantly, dignity in retirement. The workers that work in retail, look after our elderly, look after our children and are on the shop floors right across this country should be treated with equity. This is going to assist them and ensure that we have a much better retirement for all Australians. It will also reduce the burden on Australian taxpayers of the age pension. I commend this bill to the House.”Read the full speech in Hansard ↗
“When I speak to people in Maribyrnong, they're not asking for special treatment; they're asking for fairness. They're asking for a system that protects their contributions, a system that does not tilt towards those already at the very top and a system that keeps faith with the promise made many decades ago: if you work hard and contribute, you will retire with dignity. This legislation honours that promise. It reflects Labor's values, spreading opportunity, strengthening security and backing working people. It ensures that the benefits of superannuation are better targeted, better balanced, better for everyone—better and fairer from top to bottom. That's why I commend these bills to the House.”Read the full speech in Hansard ↗
“They'd be fooled because, once again, those opposite are going to oppose this very sensible reform that rebalances the taxation system in favour of workers. Once again they are going to side with the wealthiest Australians to protect a system that has led to Australians feeling left behind and workers feeling like they are struggling to make ends meet, like they can't keep up and that the system is stacked against them. Those opposite want to protect the existing system that has ensured that $22 billion worth of tax concessions go to the wealthiest 10 per cent of Australians, a system that is unfair and has gone on for too long, and we are committed to ensuring that we rebalance it.”Read the full speech in Hansard ↗
“Labor will always protect Australian workers and their retirement savings through our super system, and that is why we are committed to making our superannuation system stronger and fairer. We made superannuation compulsory because we wanted to make sure that every Australian who works hard throughout their lives has the security of knowing that they can retire with dignity. The superannuation system works best when it is fair, balanced and sustainable, and this legislation protects that integrity. It is in the spirit of what our superannuation system was created for back in the nineties. It maintains concessional treatment for ordinary Australian workers to make sure that they are able to save and see the benefit of the many years of compounding interest on their retirement balances while ensuring that the very, very wealthiest do not receive unlimited tax advantages through our super system.”Read the full speech in Hansard ↗
“Ultimately, this legislation is about protecting and strengthening the integrity of superannuation. We believe super belongs to everyday Australians. Under Labor, it is improved, safeguarded and anchored to its purpose. Under the coalition, it was undermined, weakened and questioned. We strengthen superannuation; they stall it. We lift retirement incomes; they freeze it. We make sure that super works for each and every Australian. They want to transform it into a wealth accumulation tool for the privileged few. This bill draws that difference clearly. This is not radical reform; it is responsible and fair reform which supports hardworking, ordinary Australians—predominantly women and young Australians—who deserve a fairer deal. Labor built superannuation, Labor are strengthening it with this bill and Labor will always defend it from those who seek to undermine it because we are proud of our superannuation system.”Read the full speech in Hansard ↗
“Australians are continuing to earn more and keep more of what they earn under our government. Now they'll be able to retire with more too. This is the latest part of our suite of reforms to make sure that we have the best superannuation system, the fairest superannuation system and the most sustainable superannuation system that we can in this country. On that, I commend this bill to the House.”Read the full speech in Hansard ↗
“Thank you for the opportunity to talk about super, something which is very important to the Labor plan and to the Labor cause of helping people economically. I urge you to support this bill.”Read the full speech in Hansard ↗
“As superannuation was built, it was never intended to be a vehicle for unlimited tax advantages. It was designed to support working Australians—cleaners, nurses, teachers, retail workers, tradies, carers—to ensure that older Australians could look forward to retirement with dignity and security. This bill strengthens that original purpose. It ensures that our superannuation system remains fair, sustainable and focused on delivering income in retirement, alongside government support, in an equitable way.”Read the full speech in Hansard ↗
“This side of the House stands with working people. We stand with the nurse, the apprentice, the retail worker, the single parent returning to work and young Australians starting their first job. Superannuation is not a loophole. It is not a shelter. It is not a privilege for the few. It is a pillar of economic security for the many. Labor built it, Labor strengthened it and Labor will defend it—stronger, fairer and more sustainable. I commend the bills to the House.”Read the full speech in Hansard ↗
“I want to acknowledge the leadership of the Treasurer, Jim Chalmers, and the Assistant Treasurer, Daniel Mulino, through their work on this legislation. This bill reflects Labor values: fairness, responsibility and long-term thinking. In communities like Holt, where families are building their futures, where young workers are starting their careers and where parents are planning for their children's security, superannuation matters. It matters that the system is strong, it matters that it is fair and it matters that it is sustainable for generations to come. I commend this bill to the House.”Read the full speech in Hansard ↗
Hansard records 3 separate contributions by Steve Georganas on this bill. They are grouped here so the speaker is listed once.
Second reading speech
This excerpt is only a procedural ruling and does not state Steve Georganas's view on the bill. Because he is recorded as voting Aye at the second reading, he is treated as supporting the bill's passage.
“You won't take the interjection from the member opposite. You will listen to me for a moment. Again, you are veering way off the parameters. You've made that point. I don't want to take it any further. If I hear it again, I will take it further. I want you to remain within the parameters of the debate. We've heard your point. We heard it earlier. You've made the point. I've asked you to pull back a bit and stay within the parameters. I've given you plenty of leeway. Please don't abuse my kind leeway that I have given you, Member for Kooyong, and stay within the parameters of the bill.”Read this contribution in Hansard ↗
Second reading speech
The supplied text does not state Steve Georganas's view on the bill, but his recorded aye vote on the second reading indicates he supported it. There is no substantive reason given in the excerpt because it only contains procedural remarks from the chair.
“I ask you to resume your seat for a moment. I've made it quite clear that you're not being relevant to the bill. I've made that point three times now. I don't want to take it any further. You can talk about the bill as it is within the parameters of the bill. You've made the point; we've heard you. You've made the point—you've made it—but you're continuing to raise issues completely outside of the parameters of the bill. I've allowed you to do so two or three times. So I ask that you now go back onto the bill.”Read this contribution in Hansard ↗
Second reading speech
Steve Georganas supports the bill and says it should pass because it makes superannuationMoney saved and invested during a person's working life to help fund their retirement. fairer and stronger, especially by giving low-income workers more in retirement through a bigger tax offset and other reforms like payday superMoney saved and invested during a person's working life to help fund their retirement.. He criticises the opposition for voting against measures he says will help ordinary workers retire with dignity.
“The steps in this legislation today put in place actions that we have full confidence will work and benefit Australian families and households. This is an important bill. It makes it a fairer balance for superannuation, and it ensures that those low-income workers will have more money in their super. It'll ensure that those low-income workers will retire with more and retire with dignity, and that's what superannuation is all about. It's not about being used as an offset to save on taxes and do a whole range of other things. It's there as a savings account for workers to be able to retire in dignity. That was the focus and purpose of superannuation back in the eighties when it was firsts proposed that we wanted workers to be able to retire with dignity and to know that when they retire they weren't going to be just wanting the social security pension, as it was called at the time, but to be able to retire in dignity with their own money. The way to do this is through a savings scheme, the superannuation plan, that was put in place by a Labor government way back in the late eighties. What we see today is thousands of workers that have an account, a retirement fund and have some income coming to them when they retire. It's an important bill and a bill that should be supported by all of us in this place. Shame on the opposition for not supporting it and for not supporting low-income workers.”Read this contribution in Hansard ↗
“I rise today to speak in strong support of the Superannuation (Building a Stronger and Fairer Super System) Imposition Bill 2026. In this place, we often talk in billions of dollars and percentages of GDP. But, for the people that I represent in Bullwinkel, those numbers are secondary to a much simpler question: can I afford to retire? My life before politics was shaped by two very demanding and very different worlds. As many in this House know, I spent decades as a registered nurse and midwife, and I've seen and experienced the physical toll that 40 years of labour takes on a person. But I also spent a decade concurrently during that time as a small-business owner. I know what it's like to sit at a kitchen table late at night looking at the books, making sure that the BAS is lodged and ensuring that my staff are fully and properly paid and that their super is covered. I understand the pressure of meeting a payroll and the pride of building something from the ground up. When I look at this bill, I look at it through both those lenses—worker and employer. I see it as a nurse who wants a dignified retirement for my patients, and I see it as a former business owner who knows that every dollar in a budget, whether it's a small-business budget or a Commonwealth budget, must be spent where it does the most good. This bill is about ensuring our superannuation system remains the envy of the world, making it stronger, fairer and, most importantly, sustainable for the long haul.”Read the full speech in Hansard ↗
“The changes to LISTO have had strong support in my community and in families across all of Tangney. In my conversation with families, women and young people, it is clear these changes are both fair and practical. There are changes designed to ensure people on a lower income are not placed at a disadvantage. These changes provide a fairer tax concession on their super contribution while also making a real difference in efforts to narrow the superannuation gender gap. These changes make sure everyone has concessions to save for retirement through super while also improving the equity and sustainability of the superannuation system by reducing concessions for small numbers of individuals with very large super balances. I support this bill.”Read the full speech in Hansard ↗
“These reforms, of course, are part of a much broader agenda. Since coming to office, Labor has strengthened the superannuation system in multiple ways. We are paying superannuation on paid parental leave for the first time, we've introduced payday super to ensure contributions are paid on time and we have increased the superannuation guarantee to 12 per cent, alongside legislating the objective of superannuation itself. Labor built Australia's superannuation system, and we remain committed to ensuring it continues to deliver for future generations—stronger, fairer and more sustainable than before. This bill delivers more help to low-income workers, makes concessions fairer and protects the long-term sustainability of the system on which millions of Australians rely. I commend the bill to the House.”Read the full speech in Hansard ↗
“Voting against this bill would be a vote against a fairer super system.”Read the full speech in Hansard ↗
Hansard records 2 separate contributions by Jim Chalmers on this bill. They are grouped here so the speaker is listed once.
Minister's second reading speech
Chalmers supports the bill and wants it passed, saying it works with the related Treasury laws bill to make the superannuationMoney saved and invested during a person's working life to help fund their retirement. system stronger, fairer and more sustainable.
“For all of the reasons I outlined in my speech on that bill, I commend it to the House.”Read this contribution in Hansard ↗
Second reading speech
Chalmers strongly backs the bill and wants it passed, saying it will make superannuationMoney saved and invested during a person's working life to help fund their retirement. fairer and more sustainable by boosting support for low income workers while reducing tax concessions for very large balances. He also criticises the coalition for opposing reforms that would give lower income Australians more superMoney saved and invested during a person's working life to help fund their retirement. and curb tax breaks for people with tens of millions in superMoney saved and invested during a person's working life to help fund their retirement..
“Our superannuation system is the envy of the world. It began with workers and unions organising to support a better standard of living in retirement. It became a universal system in 1992, under the Keating government, with work done under the Hawke government as well by Treasurer Keating. The passage of this bill through the parliament will be a really important next step in the evolution of our superannuation system—a step towards a stronger system, a step towards a fairer system and a step towards a more secure retirement for millions of working Australians today and into the future. That's why I commend this bill to the House.”Read this contribution in Hansard ↗
Hansard records 2 separate contributions by Libby Coker on this bill. They are grouped here so the speaker is listed once.
Second reading speech
Libby Coker supports the bill and says it will make superannuationMoney saved and invested during a person's working life to help fund their retirement. stronger and fairer by boosting tax relief for low-income workers and better targeting concessions for very large balances.
“I rise today in support of the Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026. This bill is about something absolutely fundamental: making Australia's superannuation system stronger, fairer and more sustainable in the longer term. Superannuation represents the best of what it means to be Australian. It represents dignity, it represents security and it represents confidence that, after a lifetime of work—often physically demanding or sometimes underrecognised—Australians can retire with stability and independence.”Read this contribution in Hansard ↗
Second reading speech
Libby Coker supports the bill and says it should pass because it makes superannuationMoney saved and invested during a person's working life to help fund their retirement. fairer and more sustainable by better targeting tax concessions and helping low income workers. She argues that rejecting it would protect bigger tax breaks for people with multimillion dollar superMoney saved and invested during a person's working life to help fund their retirement. balances.
“Voting against this bill would be a vote against a fairer super system, and it would be a vote for larger tax breaks for those who already have millions in their super accounts. This is not the choice this government is prepared to make. We believe in a superannuation system that reflects Australian values—a system that rewards work, a system that supports families, a system that provides dignity in retirement and a system that is strong enough and sustainable enough to endure for generations to come.”Read this contribution in Hansard ↗
“Superannuation is not a privilege; it's a promise. It is the promise that if you spend a lifetime working, contributing, caring and building this country you will not be faced with insecurity at the end of it. That promise was not accidental. It was built. It was built by the union movement, built by working people who knew that dignity in retirement should not be reserved for the fortunate few, built by Labor governments who were prepared to back working Australians with a system that endures. The Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026 and the Superannuation (Building a Stronger and Fairer Super System) Imposition Bill 2026 not only defend that promise; they strengthen it. Super has a purpose. It is not ambiguous. It is not optional. It is not whatever the market decides it is. The objective is to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way. That purpose matters, because systems only endure when they stay true to why they were created. If super is used to build up excess wealth instead of being used to provide income in retirement, confidence erodes, and, when confidence erodes, working Australians pay the price.”Read the full speech in Hansard ↗
“As we know, at the time of the introduction of the LISTO many years ago, it was seen as a fairness fix. This legislation seeks to keep in line with that objective, continuing for it to be fair. The LISTO was frozen for 13 years and had fallen behind because of changes to the tax brackets. What these changes will do is make up for those gaps. When the tax bracket changed on 1 July 2020 from $37,000 to 45,000, the LISTO did not. That meant that people earning between those amounts did not get the super tax refund. Missing out on tax concessions adds up, as we know, over a working life. A woman in the bottom 20 per cent of wage earners could lose up to $60,000 from their superannuation balance by retirement. This is a significant reform, and boosting the LISTO will benefit 1.3 million Australians—of which around 60 per cent are women. That will help to narrow the gender pay gap in retirement. Workers could receive a potential benefit at retirement of around $15,000. For that alone, it is worth supporting this legislation.”Read the full speech in Hansard ↗
“The question now is that this bill be now read a second time. There being more than one voice calling for a division, in accordance with standing order 133 the division was deferred until the first opportunity of the next sitting day.”Read the full speech in Hansard ↗
23 speakers · 26 contributions · 23 oppose
“The Treasury Laws Amendment (Building a Stronger and Fairer Super System) is a bill that deals with the trickiest tax that Labor have ever sought to bring into this place since Federation, and we as the coalition are deeply opposed to what they've been trying to do.”Read the full speech in Hansard ↗
“Let's be very clear, from the outset, that the coalition and community pressure forced Labor to abandon its most egregious elements: the taxation of unrealised gains—that's paying tax on money that you don't actually have; that's how dangerous this so-called non-radical reform is—and the freezing of indexation. The government has been found out, and it's now retreating under pressure. It was not of its own volition that it reconsidered these measures. It was because of sustained scrutiny from this side—from the coalition—from the superannuation sector, from small-business owners who hold up this country, from financial experts and from Australians who understood instinctively that something was deeply, deeply wrong. This was not simply a proposal aimed at hurting retirees; it was aimed at hurting young people, the future of our nation. It was quietly stealing from younger Australians without their knowledge or consent in the future. I give warning to all young Australians: this Labor government was going to tax you at that level. It sought to change the rules of the game for retirement savings in a way that would have echoed for decades.”Read the full speech in Hansard ↗
“That is why we will continue to oppose policies that undermine the integrity of Australians' retirement savings, like this legislation we are debating here today does. People's super should belong to the Australian people of this generation and the next generation. Superannuation doesn't belong to the government. It is not their pot of gold from which to extract when they find themselves in a tricky budget situation. If you find yourself in a tricky budget situation, find a way to rein in your wasteful spending; don't go after the retirement savings of hardworking Australians to try and bump up your own budget bottom line.”Read the full speech in Hansard ↗
“The coalition believes in a superannuation system that's stable, predictable and principled so that Australians can make long-term investment decisions and that international investors can make those long-term investment decisions. We believe in a stronger Australia for each of those people, not a weaker Australia that's marred by increased spending, a higher cost of living and opportunistic tax grabs. I would ask this government to rein in government spending and address the problem at its source rather than steal from hardworking Australians and their retirement incomes.”Read the full speech in Hansard ↗
“This is a bad bill. On behalf of the farmers and small-business owners in my electorate, I cannot, in good faith, support it.”Read the full speech in Hansard ↗
“There's a structural spending growth in our country that is outpacing sustainable economic growth. Indeed, with the economy stuck in first gear because of regulation, high inflation, high interest rates and the red tape that is crippling private business investment in our country, the reality is that the government is spending beyond its means and so it is reaching for new taxes to fill the gap. The Liberal Party and the National Party are committed, in coalition, to always be the parties of lower taxes. That means we're not supporting this blatant tax grab. Rather than confronting waste, prioritising programs and restoring fiscal discipline, Labor's simply on the hunt for new pools of your money to spend.”Read the full speech in Hansard ↗
“The coalition stands for lower taxes, lower inflation and lower interest rates. It was coalition and community pressure that forced this Albanese Labor government to abandon taxation of unrealised gains and their indexation freeze. When this was first brought out, we immediately came out and opposed it on the basis of the taxation of unrealised capital gains and on the basis of the fact that it wasn't indexed. Now, as the Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026 comes before the parliament, we find that there are no unrealised capital gains and it is in fact indexed.”Read the full speech in Hansard ↗
“This is a government in full retreat, scrambling backwards under the sheer weight of its own flawed ideology. Thanks to the sustained, unrelenting scrutiny from the coalition, from the superannuation sector, from small-business owners and, most importantly, from everyday Australians, we have forced Labor to step back from the most outrageous, destructive elements of the proposed family savings tax. Let the records show that the Liberal and National parties and community pressure have forced Labor to abandon their disastrous taxation on unrealised gains and their insidious indexation freeze. They did not backtrack out of sudden benevolence or a renewed understanding of economics. They backtracked because they got caught.”Read the full speech in Hansard ↗
“There's a thing called structural spending. The spending happening under their watch is what economists would refer to as spending that is being baked into our system. That cannot be unpicked. That's spending on things like the National Disability Insurance Scheme, health costs and interest costs. They continue to outpace the revenue that we are bringing in in the form of receipts. So, it is incumbent on them to bring bills to this House that raid your superannuation to compensate for their incompetent spending, and they're disguising it as being fair.”Read the full speech in Hansard ↗
“The coalition supports the LISTO, the low-income superannuation tax offset, as it is a tax cut. However, I have to flag that it offers no immediate cost-of-living relief. The LISTO will boost superannuation balances for the future, not working families' pockets here and now, and that is a problem. All the people in regional Australia are fed up with not being looked after by the Labor government and with them coming after these unrealised gains. Capital gains are, generally, not in their interests, and they are very well aware of it.”Read the full speech in Hansard ↗
“The Australian people, the community—those who came out so hard, in their masses, and said, 'We do not support taxing unrealised gains'—and small businesses have got better things to do than fight a government on a tax they're trying to creep in. They are the engine room of the economy. They're the ones that keep the lights on here—the private sector, our small businesses—not the government. The coalition stood side by side with our small businesses, with our farmers, and said, 'We will not support it.' We had to take the fight up to the government.”Read the full speech in Hansard ↗
“Superannuation plays an important role in that story, but it only works if Australians have confidence in the system—confidence that their retirement savings will not become a convenient target whenever government finds itself short of revenue. Superannuation is not government money; it's your money. It represents the wages that people earn through decades of work and set aside for their own retirement. The coalition respects that and always will, and we believe governments should control their spending before reaching further into Australian people's savings that they have worked decades to build. For those reasons, the coalition will oppose this bill.”Read the full speech in Hansard ↗
“This is a government which, as I said at the start, has been found out and it is very much waving the white flag of retreat under pressure when it comes to the unrealised capital gains issue and the indexation issue. This was not a proposal that was in any way, shape or form about fairness when it came to the unrealised capital gains. It was not. And certainly I would really like to hear what is being done by the government to help those investors in Shield and First Guardian, those investors who now face a very bleak, certainly not a dignified, quality of life in retirement.”Read the full speech in Hansard ↗
Hansard records 2 separate contributions by Jane Hume on this bill. They are grouped here so the speaker is listed once.
Second reading speech
Hume opposes the bill, saying Labor has broken its promise not to change superannuationMoney saved and invested during a person's working life to help fund their retirement. and is moving the goalposts by using retirement savings for a tax grab. She argues the Coalition forced the government to drop some of the worst parts of the plan, but says the bill still undermines trust and will hurt ordinary Australians over time.
“Australians make financial decisions based on the rules that governments put in place. This is exactly what this government is changing. It's changing the rules, moving the goalposts halfway through the game, and it's young people that pay the price. Superannuation has always relied on one crucial ingredient, and that is trust—trust that the system will be stable, trust that the rules will not be constantly rewritten, trust that governments will not raid Australians' retirement savings to fix their own budget problems. That's what they're doing. Labor has broken that trust, and the truth is that this is a Labor government that cannot be trusted.”Read this contribution in Hansard ↗
Second reading speech
Jane Hume opposes the bill and says the coalition will stand against it because it is a new tax on superannuationMoney saved and invested during a person's working life to help fund their retirement. that harms retirement savings and creates unfair consequences, including for surviving spouses. She argues it has nothing to do with making superMoney saved and invested during a person's working life to help fund their retirement. stronger or fairer and is instead a way for Labor to raise revenue.
“This is a terrible piece of legislation. It's one that should never have seen the light of day. We will continue to stand against these ideological experiments and protect the retirement security of every single Australian.”Read this contribution in Hansard ↗
“Today, it's about superannuation balances above $3 million, but what's it going to be about tomorrow? What's the next threshold? What's the next asset in the attempt to claw more money from Australians? I can't support this bill, and we in the coalition will be holding the government to account on the bad policy, including this policy, that is failing to grow the economy and causing cost-of-living pressures to escalate. We will also be holding the government to account, when they do tax people, on whether the money is spent correctly and wisely, because it's the people's money, not the government's money.”Read the full speech in Hansard ↗
“I rise to speak against the Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026 and the Superannuation (Building a Stronger and Fairer Super System) Imposition Bill 2026. We know the government's finances are in a mess. We will soon hit $1 trillion in debt, with an interest bill of $50,000 a minute. It's hard for most Australians to even think in terms of a trillion dollars. Not so long ago, a billion dollars seemed to be an enormous amount of money. Since the Albanese government came to office four years ago, $100 billion in debt has been added, so this government is obviously scrambling to find a way to keep the boat afloat.”Read the full speech in Hansard ↗
“But, at its core, this debate is not about a balanced threshold or a revenue line in the budget. It's actually about whether Australians can rely on the long-term promises that are made by those who represent them. It is about whether we as a parliament choose to reward prudence or choose to punish it. It's about whether we strengthen self-funded retirement or slowly erode it. If we do believe in aspiration, if we believe in stability and if we believe that Australians who work hard and save diligently should not become an easy target for shifting fiscal pressures, then we cannot support this bill. For these reasons, I urge those around me in this place who are supposed to stand up for and represent their constituents to join us in rejecting it.”Read the full speech in Hansard ↗
“How remarkable that a Labor Prime Minister in Anthony Albanese and a Labor Treasurer in the form of Jim Chalmers would find their tax plan, their clever tax thinking, attacked by former ACTU secretary Bill Kelty, former Labor prime minister Paul Keating and a current leading figure of the ACTU. Given this opposition, including from its own people, why did the Albanese government think these measures should become law? The answer is that, rather than considered policy based on sound principles, it has fundamentally always been part of a revenue grab by a government that cannot exercise discipline in its own spending.”Read the full speech in Hansard ↗
Hansard records 3 separate contributions by Tim Wilson on this bill. They are grouped here so the speaker is listed once.
Second reading speech
Tim Wilson opposes the bill, saying it imposes a new superMoney saved and invested during a person's working life to help fund their retirement. tax that was not taken to the election and is another example of Labor changing the rules to raise more revenue at the expense of Australians' retirement savings. He argues the government cannot be trusted on superannuationMoney saved and invested during a person's working life to help fund their retirement. and is using the system as a tax grab.
“But Labor now can't be trusted. Labor continue to introduce taxes they didn't take to the election. This bill, the Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026, proposes a new tax that was not taken to the last election and was not voted on by the Australian people. We know that Labor have other taxes that they're now floating amongst the community that were not taken to the last election, like their new tax on housing, which would increase the cost of new house constructions in Australia, and like their plan to fiddle with tax laws—they're going to start to apply taxes where Australians lose money. That's what's been happening with their proposals. They're getting modelled in the budget. Whenever something moves, they tax it. And, of course, they want to make sure they take more control over and more ownership of the wealth of Australians.”Read this contribution in Hansard ↗
Second reading speech
Tim Wilson opposes the bill, arguing it is a new superMoney saved and invested during a person's working life to help fund their retirement. tax that breaks Labor's promises, undermines trust and funnels more money into wasteful government spending. He moves a second reading amendment to condemn the measure and says the coalition wants laws like this defeated and replaced by a change of government.
“I'm still talking about how we're expending public money, which is explicitly related to how we raise public money as well. But that is the situation we face. We are in bizarro world under this Labor government. We are in a bizarro world where we're watching the Prime Minister publicly ridiculing the Treasurer. We're in a bizarro world where we have had taxes introduced. They promised they wouldn't until after they got elected. They got away with it twice, but I can assure you that they aren't going to get away with it again. More importantly, we've ended up in a situation where we have public money being expended to the most extraordinary things, and the only response from Labor members opposite is to turn around and say, 'This is the most disgraceful, outrageous thing I've ever seen.'”Read this contribution in Hansard ↗
Second reading speech
Tim Wilson opposes the bill, arguing it imposes a new superMoney saved and invested during a person's working life to help fund their retirement. tax that Australians did not vote for and that Labor is using it to raise more revenue because it cannot control spending. He says the legislation and its process are a farce and part of a broader pattern of broken tax promises.
“The challenge for the Australian community is that the government now seeks to pass new legislation that introduces a tax that Australians didn't vote for. And let's be clear about this—I'm sure there will be objections that this isn't relevant from the other side of the chamber—the Australian people did not vote for the tax that Labor is now seeking to introduce. And coming up to the 2026-27 budget, the Labor Party will put forward further taxes that they lacked the courage and the honesty to put forward to the Australian people at the last election.”Read this contribution in Hansard ↗
“It's a day ending in Y, and we've got another ALP special. We have a bill that has a very impressive-sounding name, but it's actually hiding what it really does. Building a stronger and fairer super system sounds good. It sounds reasonable. It sounds fair. It's very much Labor. The first point they have to do is name the bill well. That's about the only thing they generally get right: an impressive name. What this bill, the Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026, really is is a broken promise and higher taxes for the Australian people. When you break it down, that is what this bill is about: a broken promise and higher taxes for the Australian people. The reason this government needs higher taxes is to pay for their tax-and-spend agenda and to pay for the significant increases in government spending that are driving higher inflation and driving higher interest rates for the Australian people. That is the reality that is being lived in so many communities across Casey and across the country.”Read the full speech in Hansard ↗
“It's absolutely appropriate that the Labor Party has been forced—kicking and screaming—to withdraw those two elements from this bill; however, there is still another issue with respect to the legislation before us, and that is that it introduces serious structural risks. My colleague Senator Smith spoke to some of these structural risks, in his erudite contribution in this chamber. One of these is the removal of the effective death tax exemption, which creates uncertainties for families at precisely the moment that they are most vulnerable—when losing a loved one. Surviving spouses who rely on superannuation balances to maintain stability after the loss of a partner could face additional tax complexity and reduced security at exactly the time when they don't need that additional complexity and lack of security. Total and permanent disability benefit recipients are another cohort that must be considered carefully. These are Australians who, through no fault of their own, are no longer able to work. Their superannuation is not an abstract investment vehicle; it's a lifeline. Any change that increases volatility, reduces predictability or complicates access to those funds carries real human consequences.”Read the full speech in Hansard ↗
“This proposal should not be viewed in isolation. Today, it is superannuation balances above $3 million. Tomorrow, it may be another threshold, another definition or another asset class. Once the principle of taxing unrealised gains is entertained, it does not remain neatly contained. Is this Labor government opening a new chapter in a high-tax, high-spending approach to governing? All the evidence points to it from what I see. That is why the coalition will not be supporting this bill.”Read the full speech in Hansard ↗
“What the government is proposing to do is tax over-$3 million thresholds at a rate of 30 per cent and over-$10 million thresholds at a rate of 40 per cent. That is an extraordinary rate of tax in this day and age. I came to work this morning and on the bridge down there where we all drive past in the cars when we come to work was a big sign from one of the protesters—'tax wealth, not workers'. That, to me, says that people who are wealthy don't work, and nothing could be further from the truth. People who accumulate wealth over their lifetimes, you will find, are extremely prudent and hard workers. They are people who have managed the system. They've invested wisely in our capitalist society that we all live under. They are the ones that should enjoy the rights and benefits that that provides, not somebody else. That is what this government is doing, as I've said—when they run out of money, they come after yours. A government who has bad fiscal policy, has bad monetary policy and is overseeing increasing inflation and increasing interest rates will take away any gain that the lower-income earners might get out of this 'fairer and stronger' system that the government is proposing. I put it to you that this whole idea that this is going to make it better for the average Australian is nonsense.”Read the full speech in Hansard ↗
2 speakers · 2 support
“So the Greens will support this bill unamended, but I want to be very clear. We are supporting this bill as a down payment on broad, deep, ambitious and progressive tax reform, and we expect to see that broad, deep, ambitious and progressive tax reform in Labor's upcoming budget. There is a massive Labor majority, a stonking majority, in the House of Representatives, and Labor plus the Greens is enough to deliver any legislation through the Senate. The opposition is an absolute rabble, and the numbers are there in both houses of this current parliament for broad, deep, ambitious and progressive tax reform as long as the Labor Party is prepared to show courage and ambition. The only obstacle to genuinely deep, progressive and ambitious tax reform in the upcoming budget is Labor's political courage.”Read the full speech in Hansard ↗
“While the Greens will be supporting this super change in the House, we're reserving our position in the Senate. I want to make an important distinction here, because this watered-down super tax was announced alongside a long-overdue increase in the low-income super tax offset. The Greens wholeheartedly support this part of the changes, two-thirds of which will flow to women's retirement.”Read the full speech in Hansard ↗
5 speakers · 5 support
“So I do support the bill, but I think the government needs to link any tax increases to tax reductions. I forgive the government in this case because they did announce a tax cut for the lowest tax level before the election, so I'm letting them balance this one out. I'm giving credit for that. But I think any credits after that should be returned to the people as tax concessions on working because that's where they are really needed.”Read the full speech in Hansard ↗
“I rise to speak on the Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026 and add my support to the bill. I do want to start, though, by raising my concern that senators have been prevented from having an inquiry into this bill. There's a worrying trend in this place whereby legislation that is perhaps seen as controversial is not referred to an inquiry. I don't understand why senators on my left feel the need to exempt bills like this from inquiry and not back themselves to make their case through the inquiry process—to actually grapple with the complexity and the varying views in the community and amongst experts—and ultimately land with a bill that they think is the right direction to be heading in.”Read the full speech in Hansard ↗
“We have to do a whole lot more to urgently address intergenerational inequity. These superannuation changes go some small way towards that, so I support them, but they're very small steps on a very long road. There's a whole lot more that we need to do to reshape our economy for the next generation. In the meanwhile, I commend the bill to the House.”Read the full speech in Hansard ↗
“The bills didn't pass through the Senate in the last parliament and have come back now with some amendments, and I'm pleased that the government has now acted on all three of the concerns that I raised last time. The government has ensured that tax will only be applied to realised gains, has committed to indexing the new thresholds and has delayed the implementation date, although I note that this remains an area of some concern. With these changes, I'm satisfied that the bills now meet the intent in a targeted and fair way and, as such, I will be supporting them.”Read the full speech in Hansard ↗
“I'll be supporting this bill because it makes our super system fairer and helps reduce inequality. Superannuation is one of the best things Australia has ever done. It means ordinary workers can retire with dignity after a lifetime of hard work. But, like any system, it has to keep evolving to stay fair. This bill makes a simple and sensible change. It means that super balances above $3 million will have earnings taxed at 30 per cent instead of 15 per cent, and balances above $10 million will have earnings taxed at 40 per cent. I reckon that's fair. Most Australians will never come close to those balances, but, when someone has many millions sitting in a tax advantaged account, it's reasonable that the tax treatment reflects that.”Read the full speech in Hansard ↗
Record
House · Introduced and read a first time
Introduced
The bill was formally presented to the chamber and read a first time, which starts its parliamentary journey.
House · Second reading moved
Second reading opened
A minister or sponsoring member moved the second reading, opening the main debate on the bill's purpose and principles.
House · Second reading debate
Second reading debate
The bill reached this recorded parliamentary step.
House · Second reading debate
Second reading debate
The bill reached this recorded parliamentary step.
House · Second reading agreed to
Recorded vote: 95 to 35.
Second reading agreed
The chamber agreed to the bill at second reading, meaning it accepted the bill in principle and allowed it to continue.
House · Third reading agreed to
Third reading agreed
The chamber agreed to the bill at third reading, which completed passage through that chamber.
Senate · Introduced and read a first time
Introduced
The bill was formally presented to the chamber and read a first time, which starts its parliamentary journey.
Senate · Second reading moved
Second reading opened
A minister or sponsoring member moved the second reading, opening the main debate on the bill's purpose and principles.
Senate · Second reading debate
Second reading debate
The bill reached this recorded parliamentary step.
Senate · Second reading agreed to
Recorded vote: 33 to 22.
Second reading agreed
The chamber agreed to the bill at second reading, meaning it accepted the bill in principle and allowed it to continue.
Senate · Third reading agreed to
Recorded vote: 33 to 22.
Third reading agreed
The chamber agreed to the bill at third reading, which completed passage through that chamber.
Parliament · Finally passed both Houses
Passed both houses
Both houses passed the bill in the same form, completing parliamentary passage.
Assent · Assent
Assent
The Governor-General gave Royal Assent, turning the bill into an Act.
