'Ridiculous, stupid, insane': Leading fund manager lashes Labor's tax on unrealised gains proposal as PM remains certain on plan
The proposal by the Albanese government to double the tax rate on super accounts above $3m and target unrealised gains on assets came under the microscope at The Australian's Australia's Economic Outlook on Friday.
Prime Minister Anthony Albanese, who presented the keynote address at the event, remained steadfast on the superannuation tax proposal.
'The proposal that was put forward, we put forward in the last term. It would affect just a very small number (of people),' Mr Albanese said, regarding Labor's proposed super tax changes.
Questioned about whether he would consider indexing the tax or removing the tax on unrealised gains, the Prime Minister declined.
Following Mr Albanese's appearance at the event on Friday, Mr Wilson told Sky News he agreed with sentiments expressed by the Prime Minister in his speech that businesses should be the primary source growth in the economy.
But Mr Wilson described the current economic environment for Australian businesses as 'incredibly tough' and urged the Albanese government to 'not overtax and overregulate'.
'And that's the problem I think all Australian companies have got at the moment,' he said.
'Effectively, we don't want any more pleasantries. Our small, medium-sized and even large companies in Australia need some action by this government. We are one of the highest-taxed OECD countries.'
Mr Wilson said he hoped to see reductions in both income and corporate tax within the government's tax reform plans, before he took aim the controversial unrealised tax gains proposal.
'One of the things that needs to be off the table is the ridiculous, or stupid, or insane tax on unrealised gains, which really is incredibly negative for medium long-term productivity,' he said.
'Any small growth company in Australia that's looking for patient capital from the superannuation sector, and there's $1.1 trillion in self-managed super funds, that's going to evaporate if this tax comes in.'
AustralianSuper chief executive Paul Schroder, who also spoke at this year's Australia's Economic Outlook, also pushed back against the tax plan.
Questioned by Sky News' Business Editor Ross Greenwood if he thought the tax was bad policy, Mr Schroder did not give an explicit answer.
However, Mr Schroder did say AustralianSuper "prefers less changes than more changes" and that he "would never do anything to anyone else who's trying to make good super".
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