Australian news and politics live: Treasurer announces big changes to superannuation tax plans
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Key Events
‘Difficult’ change will raise billions of dollars: Treasurer
Mr Chalmers said introducing the new tax thresholds was about “making superannuation tax concessions sustainable”.
“This is a difficult change that will raise billions of dollars,” Mr Chalmers told reporters.
The start date of the policy has been pushed back until mid-2027, after originally being planned to be introduced this year when first announced two years ago.
Mr Chalmers says he has had constructive initial talks with Greens Leader Larissa Waters about the proposed changes but wouldn’t speculate if the minor party would support them.
Two thresholds for super tax concessions
Another change set to come into force will be two thresholds for tax concessions.
The first $3 million and the second $10 million.
“For superannuation earnings on super balances between $3 and $10 million, the rate remains 30per cent. The rate for over $10 million uh becomes 40 per cent,” Mr Chalmers said.
“So, this is still a concessional tax arrangement, but it’s better targeted.”
“It will still only impact less than half a percent of Australians, with the updated years and take into considerations earnings, this means about 90,000 Australians next year will have more than $3 million in their super and about 8,000 will have more than $10 million.
“You’d be aware in recent weeks and months that people have been recommending a cap to us for super. This second threshold at $10 million is really instead of going down that path.”
Treasurer announces big changes to superannuation tax plans
Treasurer Jim Chalmers has outlined a sweeping range of changes to the government’s superannuation tax plans that he says will make the system “fairer from top to bottom”.
It includes increasing the low income superannuation tax offset from $500 to $810 and raising the eligibility from $37,000 cut off $45,000 in 2027 to coincide with the government’s third tax cuts.
“The total number of eligible Australians for the LISTO (Low Income Super Tax Offset) will become 3.1 million and by one realistic calculation it means about an extra $15,000 at retirement.”
Time of Israeli hostage release brought forward
Twenty Israeli hostages held by Hamas are expected to be released early on Monday local time, ahead of a visit by Donald Trump.
They are expected to be freed in two stages from about 4pm AEDT, which is earlier than first floated.
Hamas and other factions will first transfer the 20 hostages who are still alive to the International Committee of the Red Cross, possibly releasing them from multiple points inside the Gaza Strip, officials said.
The ICRC will then hand the hostages over to Israeli authorities, while “later in the day, we are expecting to receive the bodies of those who have been murdered in captivity,” an Israeli military official said, speaking on the condition of anonymity so he could freely discuss the sensitive details of the exchange.
One Nation leader says Thorpe behaviour ‘treason and terrorism’
Pauline Hanson says rogue senator Lidia Thorpe’s actions at pro-Palestine rallies is tantamount to ‘treason and terror’.
The One Nation leader has been on the offensive in her letter to Federal Police Commissioner Krissy Barrett, calling on her to investigate Ms Thorpe’s actions.
“I am sickened by weak politicians and the continued inaction of authorities who pretent Senator Thorpe’s actions have no bearing on the Australian public,” Ms Hanson said.
“Senator Torpe’s inciteful remarks are both a threat to ublic order and community safety. I would argue that they are an act of treason and terrorism and shoild be thoroughly investigated by the Federal Police.”
Social media giants snub Senate hearing
A Senate committee has threatened to subpoena TikTok, Meta, and Snapchat after the social media giants refused to appear alongside other tech companies.
Greens Senator Sarah Hanson-Young said the committee would explore their powers to compel executives to give evidence.
“I did also request that Meta, SnapChat and TikTok appear today. They, so far, have refused,” Senator Hanson-Young said.
“We will be discussing what we do. I, for one, think that . . . we should be using the powers of the Senate to subpoena their appearance.”
Hanson demands police act on Thorpe’s ‘vile’ behaviour
One Nation leader Pauline Hanson says Lidia Thorpe’s threat to ‘burn down’ Parliament House should be the trigger for federal police to investigate the controversial senator’s behaviour.
Ms Hanson has released a copy of a letter to the new federal police commissioner Krissy Barrett demanding action.
“The shameful actions of former Greens senator Lidia Thorpe at yesterday’s pro-Palestine protests should be immediately investigated by the Federal Police,” Ms Hanson said on Monday.
“Unlike the weak response from other politicians, I have written to the Federal Police Commissioner seeking her assistance.
“I am sick to death of no one taking action against Senator Thorpe for her vile behaviour.
“Incitement is very clear: Intentionally urging a person or group to use force or violence against another group, based on race, religion, nationality, or political opinion.
“If it were you or I who threatened to burn down Parliament House, we would have already received a knock on the door from authorities who would have taken us in for questioning.
“Enough is enough,” Ms Hanson concluded.
‘The war is over’: Trump
World leaders, including US President Donald Trump, are on their way to Israel to discuss peace in Gaza as Hamas prepares to release Israeli hostages.
On board Air Force One President Trump has declared the war that has raged for two years is over.
“The war is over, you understand that?” the US President said.
Asked about prospects for the region, Mr Trump said, “I think it’s going to normalise”.
‘It was a figure of speech’: Thorpe defends wild comment
Rogue independent Senator Lidia Thorpe has defended her threat to “burn down Parliament”, saying it was a figure of speech.
In a statement she said she was a victim of “mock outrage”.
“My rally remarks were clearly a figure of speech – a metaphor for the pain in our communities and the urgent need to end genocide in Palestine and everywhere.
“They were obviously not a literal threat.
“While people are dying and starving in Gaza, politicians and media are once again clutching their pearls and chasing a scandal instead of focusing on what really matters.
“This is just another political game designed to distract from the real issues.
“I have always rejected violence. Any suggestion otherwise misrepresents my long‑standing commitment to pursuing justice and self-determination for First Peoples and all oppressed peoples through peaceful, democratic means.”
Littleproud calls on parliament to act on ‘unhinged’ Thorpe
The Nationals Leader has ripped into independent senator Lidia Thorpe.
“Lidia Thorpe is railing against the democracy that has given her these freedoms, but also paying her wages every fortnight,” David Littleproud told Sky News.
“The parliament should look at this...this isn’t the standard all 226 of us should set.
Mr Littleproud said parliament should not “walk past” Senator Thorpe’s latest outrageous comments.
“This is her business model, but when a business model becomes this desperate, this unhinged, making threats of this nature, then the parliament has a responsibility to stand up and explore every avenue to make sure a strong message is sent to Lidia Thorpe and any other fringe dweller who wants to destroy our democracy.”
