Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026, Superannuation (Building a Stronger and Fairer Super System) Imposition Bill 2026; Second Reading

Ryan supported the bill, noting that the government had addressed her previous concerns by taxing only realised earnings and indexing the thresholds. Ryan argued that the reforms promoted fairness by reducing concessions for those with balances above $3 million while expanding the low-income superannuation tax offset for lower-income earners. Ryan stated that the changes affected a small proportion of Australians and helped align the system with its legislated objective of providing dignified retirement income. Ryan called for broader tax reforms to address intergenerational inequity, including changes to capital gains tax discounts.

Fernando commended the bill for strengthening the superannuation system and ensuring dignity in retirement for all Australians. Fernando highlighted reforms such as paying superannuation on paid parental leave and implementing payday super to address gender gaps and unpaid super issues. Fernando explained that the tax changes targeted the wealthiest 0.5 per cent of account holders, with earnings on balances above $3 million taxed at higher rates. Fernando argued that the revenue generated would support low-income workers through increased low-income superannuation tax offset payments.

Chaney indicated she would support the bill, stating that the government had addressed her three key concerns: taxing only realised gains, indexing thresholds, and delaying implementation. Chaney argued that the reforms appropriately targeted tax concessions for those with very large super balances, ensuring the system remained focused on retirement savings rather than wealth accumulation. Chaney welcomed the increase in the low-income superannuation tax offset, noting it would benefit low-income workers, particularly women. Chaney praised the government for engaging with community feedback to improve the legislation.

Campbell supported the bill, emphasising its focus on fairness and sustainability in the superannuation system. Campbell detailed that the low-income superannuation tax offset would increase to $810, benefiting over 3 million Australians, including many women and young people. Campbell explained that earnings on balances above $3 million would face higher tax rates, affecting less than 0.5 per cent of account holders. Campbell argued that these changes ensured tax concessions were not disproportionately benefiting high-income earners while supporting the long-term viability of the system.

Thistlethwaite argued that the bill rebalanced the superannuation system in favour of workers by reducing excessive tax concessions for the wealthy. Thistlethwaite stated that the wealthiest 10 per cent received disproportionate benefits, while low-income workers struggled, and the reforms would address this inequity. Thistlethwaite highlighted that the low-income superannuation tax offset would increase, providing significant retirement savings boosts for low-income earners. Thistlethwaite criticised the opposition for opposing measures that aimed to make the system fairer and more sustainable for average Australians.

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Spender supported the bills, noting that community surveys indicated broad backing for reforming superannuation tax concessions. Spender argued that the current system creates inequity, with older households paying significantly less tax than younger families while wealth gaps widen. Spender credited the Treasurer for removing the proposal to tax unrealised gains, which she opposed as bad policy. Spender urged the government to link any revenue raised from these changes to income tax reductions for working-age people to address cost of living pressures.

Coker argued the bill makes the superannuation system fairer by boosting the low-income superannuation tax offset and targeting concessions for large balances. Coker stated the offset increase would benefit 1.3 million Australians, mostly women, raising the maximum payment to over $800 and the eligibility threshold to $45,000. Coker explained that reducing concessions for balances above $3 million would affect less than half a per cent of Australians, applying a 30 per cent tax rate to earnings on those amounts.