Past savings
Critics said the new tax should not apply to super already built up under the old rules, because people had made plans based on those rules.
Treasury Laws Amendment (Building a Stronger and Fairer Super System)
Current status
This bill became law on Mar 13th, 2026.
Policy area
Budget, tax & economy
What does this bill do?
From 2026-27, the bill reduces super tax breaks for people with more than $3 million in total super across all their accounts.
Why was it introduced?
Super tax concessionsSpecial tax advantages given to super contributions, earnings or withdrawals. for balances above $3 million were judged too generous, leaving the system less fair and sustainable. The bill cuts those concessions with higher tax on future earnings above $3 million, adds a bigger cut above $10 million, and boosts LISTOA government payment that refunds tax on super contributions for low-income earners. for low-income earners.
Broader context
After the government announced Better Targeted Superannuation ConcessionsA 2023 policy to reduce super tax breaks for people with very large balances. in 2023, super still gave the largest tax breaks to people with the biggest balances, while low-paid workers relied on LISTOA government payment that refunds tax on super contributions for low-income earners.. Following consultation and a redesign in 2025, this Act taxed earnings linked to balances above $3 million more heavily, added a steeper cut above $10 million, and raised LISTOA government payment that refunds tax on super contributions for low-income earners., with the main tax schedules starting on 1 April 2026 only if the companion imposition lawA separate bill that legally imposes a tax linked to another bill’s rules. also started, and the LISTOA government payment that refunds tax on super contributions for low-income earners. change on 1 July 2027.
Key criticism
Critics were mainly worried that the bill would change the tax treatment of super people had already built up under earlier rules. They said some people could face extra tax on paper gainsIncreases in asset value that exist on paper before the asset is sold. before assets are sold, which could be hard if the super fund holds assets that are not easy to sell. Some crossbench support depended on protecting existing balances or letting affected people withdraw some money.
Who supported it?
Treasurer Jim Chalmers MP introduced this bill. It passed with support from Labor, Greens, Australia's Voice, some crossbench members; opposed by Liberal, One Nation, UAP, Nationals, LNP of Queensland, CLP.
Introduced in House 11 Feb 2026
Passed House 05 Mar 2026
Passed Senate 10 Mar 2026 Aye 33 No 22
Became law 13 Mar 2026
Did it become law?
Yes
Became law 13 Mar 2026
Final passage
Recorded final vote
1 counted final-passage vote was recorded.
Passage speed
27 days
From introduction to the latest recorded parliamentary step
Meaning
What does this bill do?
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From 2026-27, the bill reduces super tax breaks for people with more than $3 million in total super across all their accounts. The cut is larger once the total is above $10 million.
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For the share of super earnings linked to balances between $3 million and $10 million, the overall tax rate can be up to 30%. For the share linked to balances above $10 million, it can be up to 40%.
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The ATOAustralia’s main tax agency, which administers tax and superannuation laws. will work out the new tax and tell affected people what they owe. They can pay it from their super or with money outside super. Some people in defined benefit schemesSuper arrangements promising a set retirement benefit, often based on salary and years of service., which promise a set retirement benefit, can put off paying until retirement, with interest.
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The government says this will affect a very small group. Fewer than 0.5% of Australians with super accounts are expected to be affected in 2026-27.
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Another part of the bill changes the low income super tax offsetA government payment that refunds tax on super contributions for low-income earners. so low-paid workers get a fairer tax break on their super contributions.
Show source excerpts
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Schedules 1 to 3 to the Bill and the Imposition Bill reduce the tax concessions available to individuals with TSBs exceeding the large superannuation balance threshold, which is $3 million for the 2026-27 income year. A further reduction will apply to individuals with a TSB exceeding the very large superannuation balance threshold, which is $10 million for the 2026-27 income year.
Explanatory memorandum -
From the 2026-27 income year onwards, the overall tax rate applied to earnings on superannuation balances between $3 million and $10 million will be up to 30 per cent. The overall tax rate applied to earnings on balances above $10 million will be up to 40 per cent.
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.
Explanatory memorandum -
This change is expected to affect less than 0.5 per cent of Australians with superannuation accounts in 2026-27. All individuals who will be affected by the new measure in 2026-27 would have been affected by the original policy in the same year.
Explanatory memorandum -
Schedule 4 to the Bill supports low income workers to build retirement savings by ensuring they receive a fairer tax concession on their superannuation contributions. This is achieved by aligning the LISTO with broader income tax and superannuation settings.
Explanatory memorandum
Context
Broader context for this bill
After the government announced Better Targeted Superannuation ConcessionsA 2023 policy to reduce super tax breaks for people with very large balances. in 2023, super still gave the largest tax breaks to people with the biggest balances, while low-paid workers relied on LISTOA government payment that refunds tax on super contributions for low-income earners.. Following consultation and a redesign in 2025, this Act taxed earnings linked to balances above $3 million more heavily, added a steeper cut above $10 million, and raised LISTOA government payment that refunds tax on super contributions for low-income earners., with the main tax schedules starting on 1 April 2026 only if the companion imposition lawA separate bill that legally imposes a tax linked to another bill’s rules. also started, and the LISTOA government payment that refunds tax on super contributions for low-income earners. change on 1 July 2027.
- 28 Feb 2023
Better Targeted Superannuation ConcessionsA 2023 policy to reduce super tax breaks for people with very large balances. are announced
The 2023 plan set out a new extra tax for people with more than $3 million in super from a future start date.
Explanatory memorandum ↗ - 01 Oct 2025
Low-income super reforms are added to the agenda
The October 2025 package included LISTOA government payment that refunds tax on super contributions for low-income earners. changes so low-paid workers would keep a meaningful tax concession on super contributions.
Explanatory memorandum ↗ - 13 Oct 2025
Stakeholder feedback leads to a redesign
The government changed the original large-balance super proposal in practical ways and began consultation with the super industry.
Explanatory memorandum ↗ - 11 Feb 2026
Redesigned stronger-and-fairer super bills are introduced
The package reached Parliament with a later start so the ATOAustralia’s main tax agency, which administers tax and superannuation laws. and super funds had time to build the systems needed to run it.
Explanatory memorandum ↗ - 10 Mar 2026
Senate passes the super package
Passage cleared the way for the new high-balance tax rules and the separate low-income offset change to become law.
Parliamentary timeline ↗ - 13 Mar 2026
Building a Stronger and Fairer Super System becomes law
Royal assent on 13 March 2026 made the package law, with its schedules starting on different dates rather than all at once.
Royal assent ↗
Legislative route
How did it move through Parliament?
House Senate
Introduced 11 Feb 2026
The bill was formally presented to the chamber and read a first time, which starts its parliamentary journey.
Introduced and read a first time
Second reading opened 11 Feb 2026
A minister or sponsoring member moved the second reading, opening the main debate on the bill's purpose and principles.
Second reading moved
Scrutiny of Bills review 25 Feb 2026
It looked at the bill and did not raise any new concerns.
Considered in published report
Second reading debate 03 Mar 2026
Members debated the bill in principle before the chamber decided whether to keep considering it.
Second reading debate 04 Mar 2026
Members debated the bill in principle before the chamber decided whether to keep considering it.
Human Rights review 04 Mar 2026
It looked at the bill and did not raise any new concerns.
Considered in published report
House second reading agreed Aye 95 No 35 05 Mar 2026
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
Consideration in detail debate 05 Mar 2026
House third reading agreed 05 Mar 2026
The chamber agreed to the bill at third reading, which completed passage through that chamber.
Third reading agreed to
Introduced 10 Mar 2026
The bill was formally presented to the chamber and read a first time, which starts its parliamentary journey.
Introduced and read a first time
Second reading opened 10 Mar 2026
A minister or sponsoring member moved the second reading, opening the main debate on the bill's purpose and principles.
Second reading moved
Second reading debate 10 Mar 2026
Members debated the bill in principle before the chamber decided whether to keep considering it.
Senate second reading agreed Aye 33 No 22 10 Mar 2026
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
Senate third reading agreed Aye 33 No 22 10 Mar 2026
Recorded vote: 33 to 22.
The chamber agreed to the bill at third reading, which completed passage through that chamber.
Third reading agreed to
Key criticism
The main case against this bill
Critics were mainly worried that the bill would change the tax treatment of super people had already built up under earlier rules. They said some people could face extra tax on paper gainsIncreases in asset value that exist on paper before the asset is sold. before assets are sold, which could be hard if the super fund holds assets that are not easy to sell. Some crossbench support depended on protecting existing balances or letting affected people withdraw some money.
Scrutiny committees did not raise extra concerns.
Tax on paper gains
They also warned people could be taxed on gains before assets are sold. They said this could be hard for farms, small businesses and other assets that are not easy to sell quickly.
Frozen threshold
Some argued the $3 million threshold should rise over time. Otherwise, they said more ordinary balances could gradually be caught by the higher tax.
No access to money
A crossbench amendment said some affected people should be allowed to withdraw a lump sum, because the new tax would apply while their money remained locked away in super.
Further sources
Votes
Recorded votes
How the bill itself passed
The chamber-passage votes come first. Expand a vote to see the party breakdown.
Passed House passed the bill
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
House passed the bill
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.
Carried Senate passed the bill
Passed 33 to 22. Support came from Labor, Greens, Australia's Voice, and minor parties and independents. Opposition came from Liberal, One Nation, UAP, and Nationals.
Carried
Senate passed the bill
Party Aye / No
Labor 22 / 0
Liberal 0 / 14
Greens 8 / 0
One Nation 0 / 4
Independent 2 / 0
Australia's Voice 1 / 0
UAP 0 / 1
Nationals 0 / 1
LNP of Queensland 0 / 1
CLP 0 / 1
Earlier bill-stage votes
Carried House cleared second reading
Passed 95 to 35. Support came from Labor, Centre Alliance, and Greens. Opposition came from LNP of Queensland, Liberal, Nationals, and One Nation. Minor-party and independent votes were split.
Carried
House cleared second reading
Party Aye / No
Labor 86 / 0
LNP of Queensland 0 / 14
Liberal 0 / 13
Independent 7 / 1
Nationals 0 / 6
One Nation 0 / 1
Centre Alliance 1 / 0
Greens 1 / 0
Carried Senate cleared second reading
Passed 33 to 22. Support came from Labor, Greens, Australia's Voice, and minor parties and independents. Opposition came from Liberal, One Nation, UAP, and Nationals.
Carried
Senate cleared second reading
Party Aye / No
Labor 22 / 0
Liberal 0 / 14
Greens 8 / 0
One Nation 0 / 4
Independent 2 / 0
Australia's Voice 1 / 0
UAP 0 / 1
Nationals 0 / 1
LNP of Queensland 0 / 1
CLP 0 / 1
Amendments at a glance
Recorded amendment and procedural votes grouped by chamber. Expand a vote to see the party breakdown.
House
Carried Force an immediate vote on the bill
Moved by Joanne Ryan (Australian Labor Party). Passed 89 to 42. Support came from Labor. Opposition came from Liberal, LNP of Queensland, and Nationals. Minor-party and independent votes were split.
Carried
Force an immediate vote on the bill
Carried; debate ended and the chamber moved straight to the main vote.
Party Aye / No
Labor 87 / 0
Liberal 0 / 14
LNP of Queensland 0 / 14
Nationals 0 / 8
Independent 2 / 6
Carried Suspend standing orders for this bill's handling
Moved by Dr Anne Aly (Australian Labor Party). Passed 97 to 36. Support came from Labor, Greens, and minor parties and independents. Opposition came from Liberal, LNP of Queensland, and Nationals.
Carried
Suspend standing orders for this bill's handling
Carried, it changed procedure but not the bill's substance.
Party Aye / No
Labor 87 / 0
Liberal 0 / 14
LNP of Queensland 0 / 14
Independent 9 / 0
Nationals 0 / 8
Greens 1 / 0
Defeated Grandfather existing super balances from the new tax
Defeated 37 to 92. Support came from Liberal, LNP of Queensland, Nationals, and Centre Alliance. Opposition came from Labor and Greens. Minor-party and independent votes were split.
Defeated
Grandfather existing super balances from the new tax
Defeated, existing interests stayed within the bill's reach.
Party Aye / No
Labor 0 / 86
Liberal 14 / 0
LNP of Queensland 14 / 0
Independent 2 / 5
Nationals 6 / 0
Centre Alliance 1 / 0
Greens 0 / 1
Defeated Allow one-off withdrawals above the large-balance threshold
Moved by Allegra Spender (Crossbench). Defeated 9 to 83. Support came from Centre Alliance. Opposition came from Labor, Liberal, and Greens. LNP of Queensland had split recorded votes. Minor-party and independent votes were split.
Defeated
Allow one-off withdrawals above the large-balance threshold
Defeated, members could not use this withdrawal amnesty.
Party Aye / No
Labor 0 / 75
Independent 7 / 2
Liberal 0 / 4
LNP of Queensland 1 / 1
Centre Alliance 1 / 0
Greens 0 / 1
Senate
Defeated Note LISTO support and home use of super
Defeated 4 to 42. Support came from One Nation. Opposition came from Labor, Greens, Liberal, Nationals, and minor parties and independents.
Defeated
Note LISTO support and home use of super
Defeated, those views were not added.
Party Aye / No
Labor 0 / 23
Greens 0 / 8
Liberal 0 / 7
One Nation 4 / 0
Independent 0 / 2
Nationals 0 / 1
Australia's Voice 0 / 1
Defeated Condemn the bills and call for lower taxes
Defeated 20 to 32. Support came from Liberal, One Nation, Nationals, and LNP of Queensland. Opposition came from Labor, Greens, Australia's Voice, and minor parties and independents.
Defeated
Condemn the bills and call for lower taxes
Defeated, the bills proceeded without that criticism.
Party Aye / No
Labor 0 / 21
Liberal 13 / 0
Greens 0 / 8
One Nation 4 / 0
Independent 0 / 2
Nationals 1 / 0
LNP of Queensland 1 / 0
CLP 1 / 0
Australia's Voice 0 / 1
Carried Keep schedules 1 to 3 as printed
Passed 33 to 22. Support came from Labor, Greens, Australia's Voice, and minor parties and independents. Opposition came from Liberal, One Nation, UAP, and Nationals.
Carried
Keep schedules 1 to 3 as printed
Carried; schedules 1 to 3 stayed in the bill as printed.
Party Aye / No
Labor 22 / 0
Liberal 0 / 14
Greens 8 / 0
One Nation 0 / 4
Independent 2 / 0
Australia's Voice 1 / 0
UAP 0 / 1
Nationals 0 / 1
LNP of Queensland 0 / 1
CLP 0 / 1
This list includes amendment votes, procedural votes and votes on the bill itself.
Parliamentary debate
Who spoke, and what they said
Start here — lead voices
Sponsor speech Supports
Jim Chalmers
The Treasurer urges passage of the bill, arguing it will strengthen and make superannuation fairer by increasing the low-income superannuation tax offsetA government payment that refunds tax on super contributions for low-income earners. and better targeting tax concessions for very large super balances.
Read in Hansard ↗ Lead opposing voice Opposes
Tim Wilson
Tim Wilson argues that the bill is another unmandated Labor tax change to superannuation that undermines retirement savings, especially for self-managed super fundsPrivate super funds run by members, who are usually also the fund’s trustees..
Read in Hansard ↗ Lead supporting voice Supports
Allegra Spender
She supports the bill as a fair reform that trims overly generous super tax concessionsSpecial tax advantages given to super contributions, earnings or withdrawals. for very high balances while preserving the purpose of super as funding a dignified retirement.
Read in Hansard ↗ Lead non-major voice Mixed
David Pocock
Senator Pocock broadly backs the bill as a fairer approach to superannuation tax concessions, welcoming changes such as indexing the high-balance threshold, dropping the taxing of unrealised gains, and updating the low-income super tax offset.
Read in Hansard ↗All speeches by bloc
Labor
26 speakers · 31 contributions · 26 support
Labor
26 speakers · 31 contributions · 26 support
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Swanson Swanson strongly backs the bills, arguing they make the superannuation system fairer and more sustainable by reducing tax concessions for very large balances while increasing support for low-income workers and improving retirement outcomes, especially for women.
“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 ↗ -
Claydon The speaker strongly supports the bill, arguing it will make superannuation fairer by tightening tax concessions for very large balances, improving the low-income superannuation tax offsetA government payment that refunds tax on super contributions for low-income earners., and tackling unpaid super through reforms such as payday super.
“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.”
Read the full speech in Hansard ↗ -
Clutterham Claire Clutterham supports the bill as a measure to strengthen the superannuation system by increasing support for low-income workers through LISTOA government payment that refunds tax on super contributions for low-income earners. and reducing concessional treatment for very large super balances in the name of equity and sustainability.
“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 ↗ -
French Tom French strongly supports the bills, arguing they protect superannuation’s core purpose by better targeting tax concessions on very large balances while boosting assistance for low-income workers through an expanded LISTOA government payment that refunds tax on super contributions for low-income earners..
“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 ↗ -
Ng Ng strongly backs the bill, arguing it will make superannuation fairer and more sustainable by increasing the low-income superannuation tax offsetA government payment that refunds tax on super contributions for low-income earners. and better targeting tax concessions on very large balances.
“I rise today to speak in support of the Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026. As the Australian people know, Labor is the party of superannuation. It was in 1992 under the Keating Labor government that we undertook one of the most significant social and economic reforms in modern Australian history: the introduction of compulsory employer superannuation contributions. It was the Hawke and Keating Labor governments that negotiated the original superannuation reforms through the accord, embedding retirement savings into the wages system and laying the foundation for a retirement system that is now the envy of the world.”
Read the full speech in Hansard ↗ -
Campbell Julie-Ann Campbell strongly supports the bill, arguing it will make superannuation fairer by increasing the low-income super tax offset and better targeting tax concessions for very large balances.
“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 ↗ -
Elliot The speaker strongly supports the bill, arguing it will make superannuation fairer and more sustainable by boosting the low-income super tax offset and better targeting tax concessions for very large balances.
“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 ↗ -
Polley Senator Polley supports the bill, arguing it makes superannuation fairer by boosting assistance for low-income workers while better targeting tax concessions for very large balances.
“I commend this bill to the House.”
Read the full speech in Hansard ↗ -
Holzberger The speaker strongly backs the bill as part of Labor’s broader superannuation agenda, arguing it protects and strengthens retirement savings against past opposition attempts to weaken the system.
“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 ↗ -
Thistlethwaite Matt Thistlethwaite strongly backs the bill, arguing it will make superannuation fairer by increasing support for low-income earners and reducing overly generous tax concessions for very large super balances.
“At the moment, in Australia, the wealthiest 10 per cent of income earners receive $22 billion in tax breaks by transferring their income into superannuation rather than simply paying income tax on it like the rest of Australia. But the lowest 20 per cent of income earners receive only about $800 million in tax breaks despite the fact that that population of Australians is much larger than the wealthiest 10 per cent. So the system is stacked against workers, and is it any wonder that people feel like, no matter how hard they work, they can't make ends meet and that they feel like the system is stacked against them? Because it has been for too long, and our government is going to do something about that. I want Australian workers to know that we hear them. We hear what you're suffering, and we know what you're going through. We know that the system is stacked against you. We know that it unfairly favours the wealthy at the expense of workers. That is why we are changing the system. That is what this bill, the Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026, is all about. We are acting to rebalance the superannuation system unashamedly in favour of workers.”
Read the full speech in Hansard ↗ -
Briskey Jo Briskey argues the bill strengthens and better targets Australia’s superannuation system by reducing overly generous tax concessions for very high balances, increasing support for low-income workers, and improving fairness and sustainability.
“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 ↗ -
Whiteaker Senator Whiteaker strongly backs the bill, arguing it makes superannuation fairer and more sustainable by curbing overly generous tax concessions for very large balances while boosting the low-income superannuation tax offsetA government payment that refunds tax on super contributions for low-income earners. to improve retirement outcomes, especially for low-paid workers and women.
“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 ↗ -
Sitou Sally Sitou strongly supports the bill, arguing it makes superannuation fairer by tightening tax concessions for very large balances while boosting support for low-income earners through an expanded LISTOA government payment that refunds tax on super contributions for low-income earners..
“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 ↗ -
Garland Garland strongly backs the bill, arguing it will make superannuation fairer and more sustainable by increasing the low-income superannuation tax offsetA government payment that refunds tax on super contributions for low-income earners. and better targeting tax concessions for very large balances.
“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 ↗ -
Thwaites Kate Thwaites strongly backs the bill, arguing it restores superannuation to its intended purpose by tightening tax concessions for very large balances while improving retirement outcomes for low-income workers, especially women.
“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 ↗ -
Abdo The speaker strongly backs the bill, arguing it will make superannuation fairer and more sustainable by limiting overly generous concessions for very large balances while expanding and structurally strengthening the low-income super tax offset.
“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 ↗ -
Fernando Cassandra Fernando strongly supports the bill, arguing it strengthens superannuation through measures such as payday super, super on paid parental leave, tighter reporting standards, and more targeted tax concessions.
“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 ↗ -
Georganas Steve Georganas strongly backs the bill, arguing it will make superannuation fairer and stronger by lifting support for low-income workers, improving payment of super, and better targeting concessions for very large balances.
“I rise to support this bill, unlike those on the opposite side who are not supporting this bill, based on what we've heard so far from different speeches yesterday and today. It doesn't surprise me that they're not supporting this bill. When you look at the history of superannuation and superannuation legislation in this House, and in the older house down the road where superannuation was first mooted, discussed and proposed in the Hawke-Keating years, it has been opposed every single way by the opposition. Every time there's been legislation in this House to better superannuation for workers, it's been opposed by the other side. So it's no surprise that they'll be opposing this. What are they opposing? They're opposing a better superannuation system for low-income workers. Why do those opposite not want low-income workers to have a better system and a super tax offset which means there'll be more money in their retirement so they can retire with dignity? If someone can tell me why that is wrong, maybe I can see the sense in it. But that's what this bill does.”
Read the full speech in Hansard ↗ -
Cook The speaker strongly backs the bill package, arguing it makes superannuation fairer and more sustainable by reducing tax concessions for very large balances while increasing support for low-income earners through a higher LISTOA government payment that refunds tax on super contributions for low-income earners..
“The Superannuation (Building a Stronger and Fairer Super System) Imposition Bill 2026 is ultimately about values. It's about the nurse in Northam who deserves to know that her super is growing. It's about the small-business owner in Kalamunda who wants a sustainable economy for their children. It's about the 1.3 million low-income workers who are finally getting the help they need with their retirement savings. There are 14 times as many people who will benefit from the boost to LISTO as there are people affected by the $3 million threshold, and that is the only statistic you really need in order to understand whose side the government is on. We are on the side of workers, we are on the side of women and we are on the side of the future. I commend these bills to the House.”
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Lim Sam Lim supports the bill, arguing it strengthens and better targets superannuation by increasing LISTOA government payment that refunds tax on super contributions for low-income earners. support for low-income workers, especially women, while reducing overly generous tax concessions for very large super balances.
“I support this bill.”
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Mulino 4 contributions The speaker strongly supports the bill, arguing it will make superannuation fairer and more sustainable by better targeting tax concessions for very large balances while boosting the low-income superannuation tax offsetA government payment that refunds tax on super contributions for low-income earners. for millions of lower-income workers.
Hansard records 4 separate contributions by Mulino on this bill. They are grouped here so the speaker is listed once.
BILLS - Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026, Superannuation (Building a Stronger and Fairer Super System) Imposition Bill 2026 - Second Reading
The speaker strongly supports the bill, arguing it will make superannuation fairer and more sustainable by better targeting tax concessions for very large balances while boosting the low-income superannuation tax offsetA government payment that refunds tax on super contributions for low-income earners. for millions of lower-income workers. He says the reforms will especially help women, young people and part-time workers and will strengthen the long-term integrity of the super system.
“I rise today to speak in support of the Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026 and the associated Superannuation (Building a Stronger and Fairer Super System) Imposition Bill 2026.”
Read this contribution in Hansard ↗BILLS;Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026;Consideration in Detail - 05 Mar 2026
Mulino supports the bill and argues its superannuation tax changes are sensible reforms that preserve concessional treatment while making concessions more sustainable and better targeted at very large balances. He rejects the proposed amendment on constitutional grounds, saying it would create an improper new condition of release before retirement.
“The government opposes the proposed amendment. I'm advised by my department that the amendment would raise significant constitutional issues, as it seeks to introduce a new condition of release before retirement, allowing withdrawals for amounts exceeding the large-balance cap. Such a condition of release would be inconsistent with the constitutional support for the Commonwealth regulation of superannuation, as the condition of release would compel or authorise a trustee to provide benefits unconnected with purposes for superannuation regulation. Importantly, the proposed reforms will maintain concessional tax treatment of superannuation for all individuals but make the concessions more sustainable. These are sensible, important reforms that will mean super tax concessions are better targeted for large balances.”
Read this contribution in Hansard ↗BILLS;Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026;Consideration in Detail - 05 Mar 2026
Mulino defends the bill as a fairer superannuation reform and argues the opposition’s amendment would wrongly exempt pre-existing interests, contrary to the bill’s intent. He says the bill already protects pre-commencement gains through its design and tax adjustments, and frames the amendment as an effort to weaken the reform.
“The government opposes the proposed amendment. The legislation is about making the superannuation system fairer from top to bottom. The amendment would effectively mean that pre-existing interests would not be subject to the policy, which is inconsistent with the policy intent. This bill is already designed to apply only to future earnings, including by providing capital gains tax adjustments for APRA funds and self-managed super funds, or SMSFs, for pre-commencement capital gains. This is just another attempt by the opposition to undermine a stronger and fairer superannuation system.”
Read this contribution in Hansard ↗BILLS;Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026;Consideration in Detail - 05 Mar 2026
The speaker says the government consulted extensively with industry stakeholders and experts over a long period and argues that the bill’s design is the best way to achieve its stated policy objectives.
“I indicate to the House that the government undertook extensive consultation over a long period of time—multiple rounds of consultation with many stakeholders across the industry and experts—and we believe that the design of this bill best reflects all of that consultation in achieving the outlined policy goals.”
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Chalmers ★ 2 contributions Jim Chalmers strongly backs the bill, arguing it will make superannuation fairer and more sustainable by increasing support for low-income workers while reducing tax concessions for very large balances.
Hansard records 2 separate contributions by Chalmers, including an amendment-moving contribution. They are grouped here so the speaker is listed once.
Moved amendment
The Treasurer urges passage of the bill, arguing it will strengthen and make superannuation fairer by increasing the low-income superannuation tax offsetA government payment that refunds tax on super contributions for low-income earners. and better targeting tax concessions for very large super balances. He says the reforms will expand support for low-income workers while preserving concessional treatment across the system in a more equitable and sustainable way.
“Voting against this bill would be a vote against a fairer super system.”
Read this contribution in Hansard ↗BILLS - Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026, Superannuation (Building a Stronger and Fairer Super System) Imposition Bill 2026 - Second Reading
Jim Chalmers strongly backs the bill, arguing it will make superannuation fairer and more sustainable by increasing support for low-income workers while reducing tax concessions for very large balances. He criticises opponents for defending oversized tax breaks and urges the parliament to pass the reforms.
“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.”
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Farrell Senator Farrell strongly supports the bill, arguing it will strengthen and make superannuation fairer by increasing LISTOA government payment that refunds tax on super contributions for low-income earners. support for low-income workers and reducing overly generous tax concessions for very large balances.
“Voting against this bill would be a vote against a fairer super system.”
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Coker 2 contributions The speaker strongly supports the bill, arguing it will make superannuation fairer and more sustainable by increasing the low-income superannuation tax offsetA government payment that refunds tax on super contributions for low-income earners. and better targeting tax concessions for very large balances.
Hansard records 2 separate contributions by Coker on this bill. They are grouped here so the speaker is listed once.
BILLS - Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026, Superannuation (Building a Stronger and Fairer Super System) Imposition Bill 2026 - Second Reading
The speaker strongly supports the bill, arguing it will make superannuation fairer and more sustainable by increasing the low-income superannuation tax offsetA government payment that refunds tax on super contributions for low-income earners. and better targeting tax concessions for very large balances. She says the reforms will particularly help low-income workers, many of them women, while affecting only a very small proportion of people with super balances above $3 million.
“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 ↗BILLS - Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026, Superannuation (Building a Stronger and Fairer Super System) Imposition Bill 2026 - Second Reading
The speaker strongly backs the bill, arguing it fairly retargets super tax concessionsSpecial tax advantages given to super contributions, earnings or withdrawals., boosts support for low-income earners and strengthens the long-term sustainability and integrity of the superannuation system. She says the legislation is part of Labor’s broader super reform agenda and should pass because opposing it would preserve outsized tax breaks for very large 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.”
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Witty Sarah Witty strongly backs the bill, arguing it strengthens superannuation by better targeting tax concessions on very large balances while boosting low-income workers through an expanded low-income super tax offset.
“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.”
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Darmanin Senator Darmanin supports the bill, arguing it restores the fairness purpose of the LISTOA government payment that refunds tax on super contributions for low-income earners. after years of stagnation and will improve retirement outcomes for low-income workers, especially women.
“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 ↗
Coalition
24 speakers · 25 contributions · 15 oppose · 8 mixed · 1 unclear
Coalition
24 speakers · 25 contributions · 15 oppose · 8 mixed · 1 unclear
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Wilson ★ Tim Wilson argues that the bill is another unmandated Labor tax change to superannuation that undermines retirement savings, especially for self-managed super fundsPrivate super funds run by members, who are usually also the fund’s trustees..
“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.”
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Leeser Leeser argues the bill is a deceptive and harmful superannuation tax measure that undermines certainty, attacks retirement savings and reflects broader fiscal mismanagement by the government.
“The increases in the LISTO are actually welcome, but they're modest, and, unfortunately, because of Labor's reckless spending, they don't address the cost-of-living pressures that Australians are facing today.”
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Bell Angie Bell opposes the bill, arguing it undermines confidence and stability in superannuation by changing long-standing tax principles, failing to index the $3 million threshold, and functioning as a revenue grab driven by government overspending.
“The member for Reid says that this is not radical policy reform, but how is moving the goalposts on Australians' superannuation accounts not radical policy? It undermines certainty in the whole system of superannuation across Australia.”
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Chandler Senator Chandler opposes the bill, arguing it breaks trust with voters by imposing post-election superannuation tax changes, destabilises retirement savings rules, and reflects the government's failure to control spending.
“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.”
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Kennedy Kennedy argues the bills are an unjustified tax grab on retirement savings that undermine trust in the superannuation system, particularly through taxing unrealised gains and failing to index the $3 million threshold.
“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.”
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Aldred Aldred argues the bill is fundamentally flawed because it taxes unrealised gains in superannuation, fails to index the $3 million threshold and would unfairly hit farmers, small-business owners and regional Australians.
“This is a bad bill. On behalf of the farmers and small-business owners in my electorate, I cannot, in good faith, support it.”
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Small He argues the bill remains a damaging tax grab despite the government's retreat on indexation and says the coalition will not support changes that tax unrealised gains and undermine confidence in superannuation.
“The reality is that tax policy can't be designed in isolation from the lived reality of those Australians it impacts. When Australians' retirement income settings are destabilised, confidence in the superannuation system overall is eroded. The government's pointed to increases in the low-income superannuation tax offset, the LISTO, as evidence of balance in its proposal. Indeed, any measure that supports low-income earners building their retirement savings is welcomed by the coalition. But we have to be honest about the scale and the timing. The LISTO adjustments, while positive at the margin, do not put money back into household budgets today. Ultimately, from the power of compounding, we understand that Australians who are able to invest today will do better in the decades ahead, and they do not have the ability to do so while grocery bills, power bills and their mortgages are going through the roof.”
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Kovacic Senator Kovacic argues the bill is a badly designed tax measure driven by the government's spending and poor economic management, and says coalition pressure forced the removal of taxing unrealised gains and the addition of indexation.
“The fact remains that the matters of inflation and high interest rates have beaten this treasurer and this government. They don't know what to do. They don't know how to handle it or to address it because they don't know how to curtail their own spending. They are unable to manage our economy, so they are looking for everyday Australians and for Australian small businesses—particularly those small businesses that hold their assets in super—to actually pay more. What they have proposed here reinforces that broader pattern of higher spending first and then new taxes that Australians will pay for. That's not reform; that's fiscal mismanagement. As I said at the outset, we believe in lower taxes, lower inflation and lower interest rates, and we are totally focused on restoring the standard of living for Australians.”
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Venning He argues the bill is a deceptive and damaging attack on superannuation, saying taxing unrealised gains, leaving the $3 million threshold unindexed and other structural changes would undermine confidence, hurt small businesses and unfairly burden Australians' retirement savings.
“The government has desperately pointed to increases in the low-income superannuation tax offset, the LISTO, as evidence of 'balance'. Let me be clear: any measure that generally supports low-income earners building retirement savings is welcome, but we must be honest about the scale and the timing. LISTO adjustments, while positive at the margin, do not put a single dollar back into household budgets today.”
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Buchholz Scott Buchholz argues the bill is an unfair revenue-raising measure that raids superannuation, criticising its treatment of asset-rich Australians, the lack of indexation, and what he says was an earlier attempt to tax unrealised gains.
“I know from a business perspective, having been a business owner before coming to this place, that only too often, when the Australian Labor Party run out of their money, they'll come looking for yours. Superannuation is one of those little buckets that is just too tempting to those on the other side for them to keep their hands off it. You were promised, with the creation of super—your wealth, your money—that it would stay with you and it would never be raided. What you are not hearing from those on the other side during this debate is that this bill is a revenue raiser, and its intention is to raise over $2 billion in the forward estimates. They are snipping at your superannuation and they are masking it as being fair. 'It's fair to take your money. It's fair to raid the superannuation system. It's just fair.' I tell you this is anything but fair. A good opposition is vital because, if they had had their way, it would have been much, much worse.”
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Webster Webster says the bill reflects Labor backing away from its earlier plan to tax unrealised capital gainsIncreases in asset value that exist on paper before the asset is sold. in super, which she argues would have harmed farmers and small business owners, and she welcomes the move to index the $3 million threshold.
“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.”
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Thompson Phillip Thompson argues the bill is a rushed and deceptive tax grab that would undermine core tax principles by taxing unrealised gains and failing to index the $3 million threshold, eventually harming farmers, small businesses and younger Australians.
“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.”
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Hume 2 contributions Senator Hume argues the bill is a broken pre-election promise that changes superannuation rules midstream, undermines trust in the system and amounts to an unfair tax grab on Australians' retirement savings.
Hansard records 2 separate contributions by Hume on this bill. They are grouped here so the speaker is listed once.
BILLS - Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026, Superannuation (Building a Stronger and Fairer Super System) Imposition Bill 2026 - Second Reading
Senator Hume argues the bill is a broken pre-election promise that changes superannuation rules midstream, undermines trust in the system and amounts to an unfair tax grab on Australians' retirement savings. She says Coalition and sector pressure forced Labor to retreat from even worse elements, but still frames the legislation as harmful and misdirected.
“Labor has broken that trust, and the truth is that this is a Labor government that cannot be trusted.”
Read this contribution in Hansard ↗BILLS - Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026, Superannuation (Building a Stronger and Fairer Super System) Imposition Bill 2026 - Second Reading
Senator Hume opposes the bill, arguing it is mislabelled and primarily imposes new taxes on superannuation rather than improving the system. She says it creates harmful consequences for retirees and surviving spouses, and contrasts it with coalition super reforms focused on fees, transparency and member protections.
“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 ↗ -
Conaghan Conaghan argues the bill wrongly treats superannuation as a revenue source, undermines trust in the retirement system, and could expand into broader taxation over time, including through an unindexed threshold and the re-emergence of what he characterises as death duties.
“For those reasons, the coalition will oppose this bill.”
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McCormack McCormack attacks the bill as evidence the government got its super tax policy badly wrong, arguing the original unrealised gains treatment and failure to index the $3 million threshold would have unfairly hit farmers and others before Labor retreated.
“Another thing that you won't hear from those opposite in their speeches on this important bill is the situation surrounding Shield and First Guardian and the collapses in the managed investment schemes. I appreciate that the government is planning to tighten the rules around MISs and to give the corporate watchdog, the Australian Securities and Investment Commission, more power to demand information. But those Shield and First Guardian collapses cost people their life savings. It destroyed some people, unfairly and tragically so. Can you imagine, Mr Speaker, being one of those people on the cusp of a well-earned retirement, looking forward to your twilight years, knowing that you had that nest egg there, and all of a sudden having it taken away? It's so very unfair, and it's on Labor's watch—on this government's watch.”
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Birrell Birrell argues the bill remains an unfair and risky tax on superannuation, saying Labor’s earlier proposal to tax unrealised capital gainsIncreases in asset value that exist on paper before the asset is sold. was unworkable and that the revised package still creates problems for families, disability recipients and higher-balance holders.
“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.”
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Chaffey The speaker opposes the bill as an unfair new superannuation tax package that would hurt farmers, small-business owners and regional Australians, arguing it lacks detail and reflects government overspending rather than sound reform.
“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.”
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Rebello Rebello argues the bill undermines trust in superannuation, amounts to an unfair new tax on savings and small business assets, and reflects broader fiscal mismanagement, so he urges the House to reject 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.”
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Smith The speaker argues the bill's Division 296 super tax is fundamentally flawed, saying Labor's original plan to tax unrealised gains and leave the $3 million threshold unindexed showed it was a revenue grab that would undermine confidence in the superannuation system.
“Policy in this area must be approached with care, and any legislative change resulting in greater volatility and complication and less predictability will have meaningful consequences. It's important that we view this bill as the beginning of Labor's approach to superannuation rather than the end to it—that is to say, very warily—because it is unlikely, now it has begun, that the Albanese government will ever stop taxing super. It is high spending and high taxing, and superannuation is too tempting a source of revenue for this government. Whether it be new boundaries, new tax bases, thresholds left unindexed, creative interpretations of income—whatever Labor proposes, it can be certain we will scrutinise it to the greatest extent possible.”
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Violi Aaron Violi opposes the bill, arguing it disguises a tax increase and a broken election promise while attacking Labor for proposing to tax unrealised capital gainsIncreases in asset value that exist on paper before the asset is sold..
“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.”
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Young Young argues the bill unfairly changes superannuation rules retrospectively and is primarily a revenue-raising measure, so he moved amendments to grandfather existing balances and limit the changes to future arrangements.
“I note that this amendment does not remove the suggested low-income superannuation tax offset which I, of course, support as anything that assists low-income workers in this cost-of-living crisis is welcome even though they will not see the benefits now when it is needed but in the years to come. Anyone who votes against this amendment will show by doing so that this bill is not really about fairness and is instead about revenue raising. Australians expect fairness. They expect stability in the rules that government their financial future. I therefore commend this amendment to the House.”
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Scarr Senator Scarr says the coalition succeeded in removing two major flaws from the bill—taxing unrealised gains and failing to index thresholds—but argues the bill still creates serious structural risks in superannuation.
“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.”
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Batt David Batt argues the bill is a badly handled tax measure that would undermine core tax principles, hurt confidence in superannuation and add pressure to households already struggling with living costs.
“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.”
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Boyce Colin Boyce argues the bill unfairly changes superannuation tax settings, penalising people who have lawfully built retirement savings and offering little real benefit to ordinary Australians amid broader cost-of-living pressures.
“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 ↗
Greens
2 speakers · 1 support · 1 mixed
Greens
2 speakers · 1 support · 1 mixed
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McKim McKim argues the bill is only a small and inadequate reform that leaves Australia’s deeper tax and wealth inequality problems unresolved, but he supports it because it modestly increases tax on very large super balances and improves retirement incomes for low-income earners through LISTOA government payment that refunds tax on super contributions for low-income earners..
“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.”
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Watson-Brown She argues the bill makes only a very small improvement to unfair super tax concessionsSpecial tax advantages given to super contributions, earnings or withdrawals. for very large balances and does not meaningfully stop super being used as a tax shelter or reduce inequality.
“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 ↗
Minor parties and independents
5 speakers · 7 contributions · 3 support · 2 mixed
Minor parties and independents
5 speakers · 7 contributions · 3 support · 2 mixed
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Spender ★ 3 contributions She supports the bill as a fair reform that trims overly generous super tax concessionsSpecial tax advantages given to super contributions, earnings or withdrawals. for very high balances while preserving the purpose of super as funding a dignified retirement.
Hansard records 3 separate contributions by Spender on this bill. They are grouped here so the speaker is listed once.
BILLS - Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026, Superannuation (Building a Stronger and Fairer Super System) Imposition Bill 2026 - Second Reading
She supports the bill as a fair reform that trims overly generous super tax concessionsSpecial tax advantages given to super contributions, earnings or withdrawals. for very high balances while preserving the purpose of super as funding a dignified retirement. She also notes that she opposed the earlier unrealised-gains approach and argues revenue from tax increases should be matched by income tax relief for working-age Australians.
“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 this contribution in Hansard ↗BILLS;Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026;Consideration in Detail - 05 Mar 2026
The speaker supports the bill overall as a fair measure to address intergenerational inequity, but she proposes a substantive amendment to let under-60 people with very large super balances make a one-off withdrawal because the tax treatment has materially changed while their money remains locked up.
“I want to acknowledge the government's piece of legislation, the Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026, which I support. I particularly want to acknowledge the changes to the legislation which I think have made it a very positive piece of legislation that is appropriately addressing intergenerational inequity at the same time as being, on balance, fair to existing super holders. However, in the current piece of legislation, there are people with high balances who are under 60, so they cannot remove their super from their current accounts. I think that is of concern.”
Read this contribution in Hansard ↗BILLS;Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026;Consideration in Detail - 05 Mar 2026
She says she supports both the government's approach and the bill, but argues the legislation should have considered options for people whose super tax rate would rise sharply while their funds remain inaccessible for many years.
“Thank you very much for the response from the government on this. Really, my question to the government is: did you consider options—because it isn't an unreasonable request. I support the principle of where the government is going on this, and I support the legislation. But, if you take someone's tax rate from 15 per cent to 40 per cent and they cannot touch that money perhaps for a decade or more, it's not unreasonable to ask: in the legislation, could you have looked for ways to give options, at least, to the people who are affected by this?”
Read this contribution in Hansard ↗ -
Pocock ★ Senator Pocock broadly backs the bill as a fairer approach to superannuation tax concessions, welcoming changes such as indexing the high-balance threshold, dropping the taxing of unrealised gains, and updating the low-income super tax offset.
“I recognise that this issue will be a disallowable instrument, and we can look at the issues associated with that method when it's tabled, but I want to make very clear that I really agree with what bill is doing, but I really regret that we haven't had the time to actually look into this in more detail to be able to assure people that the disallowable instrument will actually do what the government is telling us that it will do.”
Read the full speech in Hansard ↗ -
Ryan Monique Ryan supports the bill, arguing that its revised superannuation tax changes are fairer and better targeted than the earlier 2023 proposal because they tax only realised earnings on very large balances and expand low-income super tax offsets.
“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 ↗ -
Chaney Chaney says the government has fixed the key problems she previously identified by limiting the tax to realised gains, indexing the thresholds and delaying commencement, and she now backs the bills as a fairer way to better target super tax concessionsSpecial tax advantages given to super contributions, earnings or withdrawals..
“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 ↗ -
Tyrrell Senator Tyrrell supports the bill, arguing it makes superannuation fairer by increasing tax on very large balances and boosting the low-income super tax offset for lower paid workers.
“I'll be supporting this bill because it makes our super system fairer and helps reduce inequality.”
Read the full speech in Hansard ↗
Record
Full record
- Act title
- Treasury Laws Amendment (Building a Stronger and Fairer Super System) Act 2026
- Act number
- Act No. 8, 2026
- Became law
- 13 Mar 2026
- Takes effect
-
- sections 1 to 3 and anything else not separately listed 13 Mar 2026
- Schedule 1 At the same time as the Superannuation (Building a Stronger and Fairer Super System) Imposition Act 2026 commences. However, the provisions do not commence at all if that Act does not commence. (1 April 2026)
- Schedules 2 and 3 The first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent. (1 April 2026)
- Schedule 4 01 July 2027
- Registered
- 16 Mar 2026
- Administered by
- Department of the Treasury
- No instruments are listed on the Act’s official Authorises tab at the time of generation.
- Introduction to passage
- 27 calendar days -- Introduced on 11 Feb 2026 and passed both Houses on 10 Mar 2026.
- Introduction to assent
- 30 calendar days -- Royal assent followed on 13 March 2026.
- Recorded divisions found
- 10 -- Recorded divisions were found in House of Representatives and Senate.
- Second-reading speech summaries captured
- House of Representatives, Senate
- Same-day passage through both Houses
- No -- The bill cleared the House on 05 Mar 2026 and the Senate on 10 Mar 2026.
- 11 Feb 2026
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.
- 11 Feb 2026
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.
- 03 Mar 2026
House · Second reading debate
Second reading debate
Members debated the bill in principle before the chamber decided whether to keep considering it.
- 04 Mar 2026
House · Second reading debate
Second reading debate
Members debated the bill in principle before the chamber decided whether to keep considering it.
- 05 Mar 2026
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.
- 05 Mar 2026
House · Consideration in detail debate
Consideration in detail debate
- 05 Mar 2026
House · Third reading agreed to
Third reading agreed
The chamber agreed to the bill at third reading, which completed passage through that chamber.
- 10 Mar 2026
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.
- 10 Mar 2026
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.
- 10 Mar 2026
Senate · Second reading debate
Second reading debate
Members debated the bill in principle before the chamber decided whether to keep considering it.
- 10 Mar 2026
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.
- 10 Mar 2026
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.
Senate Standing Committee for the Scrutiny of Bills
Considered in published report
It looked at the bill and did not raise any new concerns.
Scrutiny Digest 3 of 2026; Bill No Comment
Scrutiny Digest 3 of 2026Parliamentary Joint Committee on Human Rights
Considered in published report
It looked at the bill and did not raise any new concerns.
Report 2 of 2026; No Comment
Report 2 of 2026