Dr. Anne Webster MP – Albanese Labor’s tax juggernaut coming for farmers and hard-working…
Albanese Labor’s tax juggernaut coming for farmers and hard-working Australians
Tuesday 12 May 2025
Member for Mallee Dr Anne Webster has warned Mallee residents that Treasurer Jim Chalmers today confirmed Labor will press on with his asset tax grab to fund Labor election priorities – with farmers in the firing line.
“Labor’s globally unprecedented proposal to tax unrealised capital gains in superannuation is very sinister – their policy is, if your superannuation asset – such as shares, a farm or rental property – rise in value, you will be taxed on that value increase, – each year” Dr Webster said.
“To be clear, if you hold a certain dollar value of shares or rental property or a farm inside superannuation, and they go up in value in one year, Labor will tax that ‘unrealised capital gain’. You will be taxed before the asset is sold, even though you haven’t sold it and made a profit – even if it never it is sold!”
“Labor’s asset tax grab is brazen socialism straight from the US Biden-Harris playbook labelled an ‘economy killer’ – but Albanese Labor’s policy hits far more Australians than the Democrats ever dared to aim at Americans.
“Emboldened by their election win, Labor are now immediately moving to redistribute what Australians own.”
Fresh from his swearing-in, Treasurer Chalmers said on Tuesday the tax grab is “an important way that we fund some of our other priorities.”
The Parliamentary Budget Office projects that the Albanese Government stands to reap a rapidly increasing yield from taxpayers through its asset tax grab, from an initial $300 million in the first year to $7 billion per annum within 10 years.
“Labor says their threshold for this asset tax grab is combined assets over $3 million, which a significant number of Mallee farmers currently or will soon hold, but here are two critical points.
“Firstly, Labor’s $3 million threshold is not indexed. In 40 years’ time when 25-year-olds will be retiring, $3 million will not be a high balance, worth just over say $1 million in today’s terms. The Federal Government will yield a huge windfall gain from this asset tax grab.
“Secondly, Labor’s locked-in policy has to get through the Senate where Labor only needs to deal with The Greens, who have an insatiable hunger for redistributing assets and tax grabs and have form upping previous Labor policy to be even worse for hard-working Australians.”
Dr Webster highlighted in November that the asset tax grab from farmers was paused through Coalition efforts in the Senate.
In January 2024 Dr Webster listed the asset tax grab as one of a number of Labor’s then broken tax promises.
“However, Labor have now taken this policy to an election so they will be ramming this tax grab through with their increased majority,” Dr Webster warned.
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For further comment please contact Rikki Lambert on 0427 310 770