Keith Pitt (Hinkler, National Party) Share this | Hansard source

I rise to speak against the changes proposed by the government in the Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023 and particularly against this concept that you can tax unrealised gains. The impact, particularly on self-managed super funds—and this is intentional from the Labor government—would be extraordinary. It is incredible that they would seek to seize taxes from an asset which hasn't been realised. For those who are listening, if you have a self-managed super fund you may well invest in commercial property, agricultural property or residential property. If we look at ag in particular, there have been extraordinary increases in the value of ag land. But you're holding a hard asset. In one year, you could get a tax bill for tens of thousands, or hundreds of thousands, of dollars for which you have no cash. And, with your self-managed super fund, you can't put more money in; you can't contribute. The only option you will have will be to sell that asset. That will mean that those individuals who have made real decisions based on the facts, based on the conditions at the time that they purchased and based on the law—they have not done anything unlawful—will be forced by this Labor government to divest their assets.

This is an extraordinary decision. It has been panned by economists everywhere, because what happens in the next year if the value of that property goes down? Will you then get a cash refund? Will they then calculate the value of what your property is now not worth? I don't think that's likely. Every individual with a self-managed super fund—and I'll declare an interest; I have one, though I don't hold any hard assets in my self-managed fund at the moment but have previously—and every single Australian who has made reasonable decisions based on the law of the day is now going to be absolutely hammered by this government, when all they're trying to do is build their wealth for them to live on in retirement, which is the purpose of the super system according to the Labor Party. This is something that they believe in, but they don't believe in individuals being able to build their wealth, because they want to force them into industry super funds for nefarious means and purposes.

This is a terrible decision. They will have to sell no matter what the market says, no matter what the value is and no matter whether they could potentially make a loss on that sale, but they'll certainly realise whatever gain there is, and the Labor Party will get their tax. They will get their handful of shekels. They will get their handful of silver. But the individuals who are out there trying to have a go will be penalised, not only financially but into the future, because that asset could continue to grow, which is the reason they purchased it in the first place.

I oppose this bill. It is abhorrent. It is a ridiculous decision. It should be absolutely panned across the country. Who are they attacking? They are attacking hardworking Australians that are trying to get ahead and are actually investing in assets that are of benefit to the nation, including residential housing. And guess what we need right now? We need more rental properties, more availability and less immigration, and this Labor government has messed this up completely.

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