What was debated in Parliament
Summarised using AI from the official Hansard transcript of the debate only. It is not a record of the debate and may leave things out. Read the Hansard below to check it.
This bill, debated together with its companion bill, raises the tax rate on super earnings to 30 per cent for balances between $3 million and $10 million and 40 per cent above $10 million, using realised earnings and indexed thresholds. It also lifts the low-income super tax offset to a maximum of $810 for people earning up to $45,000. Debate focused on fairness and budget sustainability, the government's earlier plan to tax unrealised gains, and trust in the super system.
Arguments made in support
Government members said super tax concessions cost over $60 billion a year, with much of the benefit going to top income earners.
Labor speakers said the change affects fewer than 0.5 per cent of people, while 14 times as many low-income workers, mostly women, gain from the bigger offset.
Government members said rates remain below the top income tax rate, and earnings on balances under $3 million are unchanged.
Independents including Kate Chaney, Allegra Spender, Monique Ryan and David Pocock supported the revised bill after unrealised gains were dropped and thresholds indexed.
The Greens supported the bill as a small step, while saying wider tax reform is needed to address inequality between generations.
Arguments made against, or for changes
Coalition speakers said the tax was not taken to the last election and breaks trust that super rules will stay stable.
Coalition members said the government has a spending problem, and warned the thresholds could later be lowered or other assets targeted.
Coalition speakers raised concerns about removing an effective exemption on death, and the effect on surviving spouses and disability benefit recipients.
Coalition members said the offset increase is welcome but does not ease cost-of-living pressures today.
Independent David Pocock raised concerns about defined benefit members, and he and others objected to the lack of a Senate inquiry and a shortened debate.
93 speeches by 63 members in the House and Senate over 5 sitting days.
Hansard: House of Representatives, 11 Feb 2026 ›
The official Hansard (PDF), Parliament of Australia
Hansard: House of Representatives, 3 Mar 2026 ›
The official Hansard (PDF), Parliament of Australia
Hansard: House of Representatives, 4 Mar 2026 ›
The official Hansard (PDF), Parliament of Australia
Hansard: House of Representatives, 5 Mar 2026 ›
The official Hansard (PDF), Parliament of Australia
Hansard: Senate, 10 Mar 2026 ›
The official Hansard (PDF), Parliament of Australia
Second and third reading votes. How each party's members voted:
Includes votes on amendments and procedure.