But it also lowered the income threshold above which additional taxes are paid on extraordinary contributions. That Division 293 tax threshold was not indexed to inflation or wage growth and was lowered to $250,000 from $300,000 with the 2017-18 tax year.
When implemented, the Coalition estimated that it would affect only 1 percent of super accounts, or 160,000 people.
Chalmers said Treasury now projected that by 2052, 30 percent of people with super would be affected by the Coalition’s changes.
He said the figures revealed the Coalition’s “dishonesty and deception” towards the government’s planned retirement changes.
“All their hypocrisy and hyperventilation is to distract from the fact that they want to add to the trillion dollar Liberal Party debt to fund bigger tax breaks for people who already have tens of millions in super,” he said.
“The reason our policy has received such deep and wide support from the Australian public is because it is a modest and sensible change that helps clean up some of the mess left behind by the previous government.”
Federal parliament resumes on Monday, and Chalmers has yet to respond to a Senate demand to release modeling showing the top 10 percent of super accounts would be affected by the proposed 2050s changes.
Cut through the noise of federal politics with news, insights, and expert analysis from Jacqueline Maley. Subscribers can subscribe to our week Inside Politics Newsletter here.