What was debated: Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026
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 raises the tax rate on earnings from superannuation balances above $3 million, to 30 per cent, and to 40 per cent above $10 million, with both thresholds indexed. It also boosts the low-income superannuation tax offset, lifting the maximum payment to $810 and the income limit to $45,000. The debate focused on fairness, trust in tax promises, and whether existing balances should be protected from the change.
Arguments made in support
The government said super tax breaks cost over $60 billion a year and mostly help top earners, so targeting large balances is fairer and more sustainable.
Labor members said fewer than half a per cent of Australians would pay more, while about 1.3 million low-income workers, mostly women, would get more super.
Supporters said the extra tax only applies to the share of earnings above each threshold and only to future earnings.
Government members said the design reflected more than two years of consultation and changes announced in October 2025.
Independent Allegra Spender supported the bill, saying it addresses fairness between generations while being fair overall to existing super holders.
Arguments made against, or for changes
The Coalition said this is a new tax not taken to the election, and that the government cannot be trusted on tax.
Coalition speakers said the government has a spending problem, and raised concerns about self-managed super funds, surviving spouses and disability benefit recipients.
The Coalition said the offset increase was welcome but modest and would not help with cost-of-living pressures now.
Coalition member Terry Young moved amendments to protect existing balances, saying it is unfair to change rules after people have planned their retirement. The government opposed this.
Allegra Spender moved an amendment allowing a one-off withdrawal for people under 60 above the threshold. The government opposed it, citing constitutional issues.
51 speeches by 16 members in the House and Senate over 4 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, 5 Mar 2026 ›
The official Hansard (PDF), Parliament of Australia
Hansard: Senate, 11 Mar 2026 ›
The official Hansard (PDF), Parliament of Australia
What was debated: Superannuation (Building a Stronger and Fairer Super System) Imposition Bill 2026
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
Australia's Voice
1 Yes
0 No
The last column counts members who did not vote. Party counts are for current members.
3 votes were cast by people who have since left Parliament.
Every party member who voted went with the majority of their party.