‘He’s not going to change’: Albanese overrules Chalmers superannuation tax regime

Wilson Asset Management Founder and Chairman Geoff Wilson explains Treasurer Jim Chalmers’ backing down from proposed superannuation changes.

“How many times did he come out and say he’s not going to change. He repeatedly said it’s not up for negotiation. Even though it was a flawed, illogical tax,” Mr Wilson told Sky News Australia.

“There’s thousands of farmers that had put their farms in their superannuation funds, and the change in the value of the assets, which may never be realised, they were going to have to pay tax on that.

“The deadweight loss to the Australian economy was going to be 94 and a half billion dollars. The unintended consequences were going to be monumental to the Australian economy.”