We know the Government’s finances are in a mess.
We will soon hit one trillion dollars in debt – with an interest bill of $50,000 per minute.
So this Government, obviously is scrambling to find ways to keep the boat afloat.
Their initial plan (Super Tax 1.0) was a plan to punish farmers and small business owners by attacking their unrealised gains in superannuation. After a sustained campaign by the Coalition, the Labor Government backed down. Super 2.0 also has its share of problems – like doubling the tax on earnings on super balances over $3 million.
Here’s what I had to say in Parliament…