Australian voters support the changes to superannuation tax proposed by the government last week. That’s according to the most recent Newspoll, released Monday.
The figures show 64% of voters approve of the proposed changes. Just 29% disapprove while 7% were unsure.
Strikingly, the move has majority support among respondents who identify as LNP voters. Of them, 54% approve of the change and 42% disapprove.
The change also has broad support across age cohorts and education levels. In fact, it is only those whose political affiliation is “other’ – which includes One Nation and UAP voters – who were mixed about the change with a 50% approval level
Working out how this transitions to politics at large is more complex.
The polling gave respondents a detailed description of the change (raising tax on super revenue from 15% to 30%), who would be affected (those with balances over $3 million, an anticipated 80,000 people) for what gain ($2 billion to the budget). That kind of clarity doesn’t always cut through to the tenor of Australian political coverage.
Despite the results of their own Newspoll, The Australian has claimed that Albanese is being “made to pay” and The Daily Telegraph claimed his “honeymoon is over”.
The superannuation tax changes are the first measure from the Albanese government to shift the economic status quo leftward. But they should also be kept in perspective: the measures are forecast to raise an additional $2 billion, contributing to an approximately $500 billion annual government spend.
“This is a particularly modest change, but a meaningful one,” said Treasurer Jim Chalmers on Monday.
Independent senator David Pocock noted that the political flak over such a modest change is designed to limit reform options in future. “It’s blowing up into this huge political fight,” Pocock said. “It’s part of the reason why we’re not seeing things like stage three or negative gearing or capital gains discount for investment properties up for discussion.
“My sense is there is a growing frustration amongst Australians that they are being asked to make tough budget decisions and yet the federal government, we’re not having those discussions.”
Follow Christian on Twitter for more news updates.
Sign Up To Our Free Newsletter To Receive Our Upcoming Report On A Low P/E Stock With An International Growth Runway