The Daily Aus Labor's plan to tax the wealthy
Mar 18, 2026
A deep dive into proposed taxes on Australia's superannuation and capital gains. Coverage of how super funds are taxed and who would face new higher rates. Discussion of the origins of the 50% capital gains discount and its links to housing inequality. Breakdown of timing, revisions and political context for the changes.
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Super Earnings Tax Rise Targets Top 1 Percent
- Australia's super earnings are taxed at 15% currently and the government targeted ultra-wealthy balances to raise revenue.
- Labor proposed taxing earnings above $3m at 30% to capture more revenue from the top 1% of super holders.
Adjusted Super Plan Cuts Unrealised Gains And Adds Tiers
- The reworked super plan removed taxing unrealised gains and indexed thresholds to inflation to avoid catching ordinary Australians.
- New two-tier rates apply: 30% on $3m–$10m and 40% above $10m, affecting ~80–90k and ~8k people respectively.
Pokemon Card Example Explains Unrealised Gains
- Emma uses a Pokemon card example to explain unrealised gains, where value increases without a sale so no cash is realised.
- She compares that to super funds holding shares that rise in value but haven't been sold, illustrating the taxation concern.