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Full Story Greg Jericho says Labor’s super tax reveals a system built for the rich
Jun 1, 2025
Greg Jericho is a Guardian columnist and chief economist at the Australia Institute. In this engaging discussion, he tackles the proposed super tax on superannuation earnings over $3 million, sparking debate over wealth inequality. He critiques the media's response, highlighting how it often overlooks the realities of economic disparity. Jericho emphasizes the need for reform to rectify biases favoring wealthy retirees and warns of potential voter discontent surrounding these changes in the tax break system.
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Tax System Favours the Rich
- Australia's tax system is rigged to favor the rich, skewing debates about tax fairness.
- Small attempts to reduce tax breaks for the wealthy are portrayed as massive upheavals, while tax relief for the poor is dismissed.
Wealth Grows with Age
- Older Australians tend to be wealthier due to poorly taxed wealth like superannuation and capital gains.
- Wealth tax benefits accumulate more with age for those who have assets, not merely by getting older.
Tax System Legacy for Boomers
- Tax system advantages persist from policies designed for baby boomers who mainly own homes and assets.
- Millennials face a system still built for asset accumulation unheard of in their generation.