Jane Hume accuses Labor of breaking election promise with super tax

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Jane Hume accuses Labor of breaking election promise with super tax

Senior Liberal senator Jane Hume has blasted Labor’s proposal to roll back concessions on ultra high super balances, calling it a “broken promise” and warning it could force people to retire early.

Some half a per cent of Australians have super balances north of $3m.

But critics have said the proposal could end up affecting more people than first thought because it would not be indexed, meaning it would not rise with inflation and eventually more balances would be captured.

Senator Hume on Monday said Labor’s proposal would catch super account holders off guard because they had agreed to have their money “taxed in a certain way”.

Camera IconLiberal senator Jane Hume has accused Labor of breaking its election promise not to introduce new taxes. NewsWire / Monique Harmer Credit: News Corp Australia

“They might have made different plans for their money, if they had known that this tax was on its way,” she told Sky News.

“So it’s a broken promise. Let’s face it, before the election, Labor said there would be no new taxes and no changes to suit, but they immediately backflipped on that promise.”

Senator Hume, who championed several controversial Coalition policies as its finance spokeswoman, said it was also unfair to tax Australians on profits that have not yet been made.

“Now we’ve never had a tax on unrealised capital gains before,” she said.

“That’s taxing profits before you’ve actually made profits.”

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