Internal backlash to super proposals continues
Coalition MP George Christensen has threatened to cross the floor over the government’s proposed superannuation changes, saying the measures would “punish people for funding their own retirement”.
Mr Christensen says the proposed super policies – particularly the $500,000 non-concessional cap, to be applied retrospectively, and the $1.6 million pension fund transfer cap – need to be changed.
“These policies are Labor-style policies which hit those people who have worked hard all of their lives; those who have scrimped and saved and done the right thing,” he said in a Facebook post on Wednesday.
“These policies penalise success. Principally, these policies hit small business owners and farmers who have retired, sold their assets and transferred their wealth into superannuation.”
Mr Christensen said he is opposed to the government fiddling with superannuation, adding that if the plans for super are not changed, he will cross the floor and vote against the measures.
“[The] superannuation changes would punish people for funding their own retirement,” Mr Christensen said.
“[A] man who contacted my office this morning […] gave away his superannuation fund in a property settlement to avoid a fire sale of houses in a terrible property market. He planned to liquidate the real estate in a better market and put the proceeds back into superannuation before his impending retirement.
“Proposed changes would unfairly punish him for making what was a good decision at the time and would erode people’s confidence in the system.”
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.