Fears super tax rise for rich will whack housing market

A federal bill aims to impose a 15% tax on superannuation balances exceeding $3 million, affecting about 0.5% of Australian savers, but it has drawn criticism for potential unfair outcomes. Independent economist Saul Eslake supports the goal of addressing tax avoidance through super but argues the method of taxing unrealised gains is flawed and questions why wealth isn’t taxed on other assets like housing. Critics, including Liberal senator Andrew Bragg, warn that this legislation may undermine superannuation as a preferred savings vehicle for younger generations.

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