I have to quote #GregJericho at length here because were I to paraphrase him, I would be hard pressed to ‘sound’ different:
“We’re told the real evil is taxing “unrealised capital gains”. These are the increases in the value of the assets held in your super that you have yet to sell (or “realise”).
And look, I can understand how bad it would be.
Imagine if, for example, Centrelink had a record of every share you owned and every six months calculated their value, or if you had to let Centerlink know if the value of your non-financial assets went up by more than $1,000.
Outrageous! Unprecedented! Communism!
You would think after nearly three years of being wrong, the RBA might start to question its economics. But no
Oh wait, sorry, actually that’s what people on the age pension already have to do.
We have a system where it is considered right that the poorest people in Australia are penalised if their assets go above $314,000 but where parts of the media come out against a proposal that if someone’s super goes up $314,000 in a year from $3m they should pay $4,462 (1.4%) in tax.
Please. The only reason there is so much outrage over this is if the rich and vested interested are annoyed people might realise just how big of a rort they have” (Source: https://www.theguardian.com/business/grogonomics/2025/may/29/superannuation-super-debate-australia-tax-system-built-for-the-rich? )
It’s a great article. Well worth the read even if you already agree with Greg’s position on taxes.
We all need to get a grip. Don’t believe the hype fed you by #MSM, you’re being fooled if you do. In my view, the modest decrease in the #taxbreak enjoyed by those wealthy enough NOT to need it, it’s peanuts, crumbs, reject-pile crumbs. Those grifters should not be enjoying any tax breaks at all — IMO.