The latest Newspoll has revealed that a majority of voters approve of Anthony Albanese’s proposal to increase the taxes paid by millionaires with superannuation balances over $3 million.
This is a significant result which could have far-reaching implications for the future of the Australian superannuation system, and the taxation of high earners.
The proposal, which was first announced during the Labor Party’s election campaign, has been criticised by many as a broken promise. However, the results of the poll suggest that younger voters are overwhelmingly in favour of the plan.
70% of those aged under 50 gave it their support, while only 61% of those over 50 approved. This suggests that the younger generations are more likely to be in favour of a policy which increases the taxation of high earners.
This result is particularly significant given the ongoing debate surrounding the fairness of the Australian tax system.
The proposal to increase the taxation of millionaires has been framed as a measure of fairness, as it seeks to address the discrepancy between the taxes paid by high earners and those paid by the average Australian worker.
Despite some worries among voters aged over 50s, a clear majority (60%) of voters from all age groups approved of the plan to double the concessional tax rate; almost two-thirds of all voters were in favour.