Prime Minister Anthony Albanese has made a big call on a small change to superannuation that is cleverly designed to keep most Australians happy while driving his opponents into a conservative ditch.
The result is a solid policy move to increase tax and a sharp political move to wedge Opposition Leader Peter Dutton.Alex Ellinghausen
Treasurer Jim Chalmers had made a strong case for change but ministers were rightly worried about imposing budget changes they had not told voters about at the election. Any sudden change left Albanese exposed to claims of a broken promise.First, it is sound policy because it raises revenue with a fair and equitable change.
Third, it challenges Dutton to make up his mind about who he represents. Does he stand for battlers in the suburbs – the voters the Liberals so often say they represent – or is he fighting for people on big incomes with $3 million or more in their retirement funds?Dutton has just been wedged. He cannot accept the Labor policy, but at least two members of his party room, Bridget Archer and, think it is worth considering.
This is why the modesty of the new proposal is so essential. A wedge must be thin at the edge. This super change leaves 99.5 per cent of people untouched, so it divides Liberals and pushes Dutton to the right while he defends the other 0.5 per cent.Albanese has left future options open – as he should. None of his statements on Tuesday ruled out further tax reform, which means negative gearing and capital gains tax might be addressed in the future.
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