The Greens are “absolutely ready” to work with Labor to make proposed changes to superannuation, acknowledging the mandate voters gave the Albanese government at the election.

Labor is looking to double the tax rate of super balances above $3 million to 30 per cent, in a bid to limit the number of wealthy people using their balances for tax deductions rather than their retirements.

The coalition has vowed to oppose the changes, labelling them unfair.

With the government lacking a majority in the Senate, it needs the Greens or the coalition to pass legislation through the parliament.

Greens treasury spokesman Nick McKim said he expected to begin negotiations with Treasurer Jim Chalmers before the new parliament returns at the end of July.

“We are absolutely ready to work with with the treasurer and with Labor to try and move the superannuation system a little bit back towards what its original intent was when it was set up,” he told ABC’s RN on Monday.

“We want the system to be as fair and as strong as it can be in terms of providing for a dignified retirement for working Australians, and that’ll be our aim.”

Senator McKim said Dr Chalmers was a “re-elected treasurer in a re-elected government” which had taken the proposal to the May poll.

Striking a more conciliatory tone, the Greens have previously been criticised for delaying Labor’s housing bills during a crisis.

The minor party lost three of its four lower house seats to Labor in a near wipe-out in the House of Representatives.

Former Greens leader Adam Bandt also lost his seat after 15 years in parliament.

The vast majority of Australians are unlikely to feel the impact of Labor’s proposal, with the median super balance for 60 to 64-year-olds sitting at about $200,000 for men and $150,000 for women.

Deputy Nationals leader Kevin Hogan said the coalition remained strongly opposed to taxing unrealised gains.

“I don’t know of many examples around the world that do that, and it’s very damaging,” he told ABC’s RN.

“The non indexation of that makes an exceptionally penalising policy as well.”

Tess Ikonomou
(Australian Associated Press)