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Market Carnage Creates Historic Buying Opportunity - These 3 Cryptos Are Trading at Fire-Sale Prices

Market Carnage Creates Historic Buying Opportunity - These 3 Cryptos Are Trading at Fire-Sale Prices

Published:
2025-10-13 09:31:16
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Australia revises superannuation tax After pensioner backlash

Blood in the streets as crypto records its largest single-day liquidation event ever.

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Chalmers says changes make the super system fairer

The Treasurer on Monday claimed that he and his government always try to take feedback seriously, continually seeking the best way through any crisis. He claimed that the proposed changes will make the superannuation system fairer from top to bottom, adding that his government has just found an alternative to satisfy the same goals. 

However, Greens Senator Sarah Hanson-Young pointed out that the proposed changes looked like the government was going weak on taxing the wealthy. She stressed that letting the wealthy off the hook was not the kind of superannuation reforms the Greens want to see.

Shadow Treasurer Ted O’Brien also criticized the government’s backdown, calling it an absolute embarrassment. O’Brien also believes it is unfair how Prime Minister Anthony Albanese jetted out, leaving the treasurer to take all the public humiliation. Meanwhile, he still felt that Chalmers should explain the revenue hole in the federal budget despite acknowledging that the government had made the right decision. 

Treasurer Jim Chalmers confirmed that revamping the superannuation tax system was a joint effort with Prime Minister Albanese, adding that the government was looking to make at least six major changes to the legislation by July 1, 2026. Chalmers said the changes will make the legislation more targeted to ensure a stronger and sustainable pension system, which he also believes will be a better deal for low-income earners.

Keating welcomes proposed tax backdown

Former Prime Minister Paul Keating welcomed the changes, praising Treasurer Chalmers for successfully working through the impasse and restoring much-needed equity. He claimed that the superannuation accumulations will now be taxed on the basis of realized gains, and at a new, higher limit.

Keating said the decision to rework the superannuation system will solidify future related tax arrangements in a way that Australians will rely upon for the long-term security of their retirement savings. However, Chalmers emphasized that these changes are difficult, although they are expected to raise billions of Australian dollars.

“This is difficult tax reform … I don’t accept the characterization that this is simple, or easy or uncontested.” 

–Jim Chalmers, Treasurer of the Australian Government 

Albanese also weighed in on the matter, saying that it is not unusual for his government to receive feedback suggesting difficult reforms. The prime minister clarified there are no major changes to policy this time, pointing out that his request to the treasury to rework the contentious tax proposal was also nothing out of the ordinary. 

Chamlers estimates that the change will impact about 80,000 wealthy Australians, which could be adjusted in the future to account for different factors affecting each super tax bracket. He also pointed out that the new thresholds will be tied to inflation, adding that the Treasury is exploring more options to address concerns around the revamped super tax proposal.

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