Billionaire John Gandel slams Anthony Albanese’s superannuation tax hikes

Billionaire property developer slams super tax change and says it is unfair on Aussies who worked hard for their money – but not everyone agrees

  • Melbourne businessman slammed super tax hikes
  • Believes proposed reforms won’t just affect wealthy
  • John Gandel copped backlash over comments

One of Australia’s richest men has slammed proposed tax hikes for those with hefty superannuation funds as ridiculous, only to find himself under fire.

Those with more than $3million in superannuation will no longer receive tax concessions under a new plan announced by Anthony Albanese this week.

The Prime Minister and federal Treasurer Jim Chalmers confirmed plans to double the tax rate for contributions to 30 per cent, up from 15 per cent, for 80,000 Australians, with the changes expected to come into effect on July 1, 2025.

Billionaire property developer John Gandel, co-owner of Chadstone shopping centre, weighed in by describing the reforms as unfair.

The Melbourne philanthropist believes the proposed changes will inevitably affect more and more Australians, not just the highest earners.

John Gandel (pictured with wife Pauline) has slammed the federal government’s tax hikes to Aussies who have more than $3m in super

‘It’s ridiculous,’ Mr Gandel told The Age.

‘A tax hike on the top earners of the country who’ve worked hard in this country will always come down on the middle class.’

But some objected to the comments from Mr Gandel, who was 15th on Australian Financial Review’s latest Rich List with an estimated wealth of $6.2billion.

‘I wonder if John Gandel and his fellow billionaires realise that there are a lot of labourers who worked very hard to make the billionaires rich but received very little money for their efforts. Bigwigs not willing to share the profits but willing to take the taxpayers money,’ one man tweeted.

Another added: ‘Bus driver and a dentist, both work similar hours but bus driver works different shifts, not so the dentist. Not sure whether the bus driver will ever reach the $200K mark, while the dentist … Fair?’

John Gandel (centre) weighed into the superannuation controversy during an unveiling of Chadstone Shopping Centre's new entertainment and dining precinct on Wednesday

John Gandel (centre) weighed into the superannuation controversy during an unveiling of Chadstone Shopping Centre’s new entertainment and dining precinct on Wednesday 

A third wrote: How is it unfair? He’s still got his multiple million dollars. No one’s touching it. He just wants us to keep paying him when he’s retired. The ultimate in greed.’

Others speculated whether Mr Gandel was the mystery Australian with a whopping $544million in superannuation.

Mr Gandel made the comments at the launch of The Social Quarter, a $70million new entertainment and dining precinct at Chadstone shopping centre, the largest mall in the southern hemisphere.

It’s been 40 years since the Myer Emporium sold to the shopping centre to Gandel Group for $37million.

Mr Gandel now co-owns the world class shopping precinct with retail property group Vicinity Centres.

John Gandel (pictured) has come under fire from everyday Australians over his comments

John Gandel (pictured) has come under fire from everyday Australians over his comments

His Polish immigrant parents started the Sussan women’s clothing store which Mr Gandel helped grow to a chain of more than 200 retail outlets before selling his stake in 1985 to concentrate on real estate and shopping malls.

Opposition finance spokeswoman Jane Hume admitted there’s ‘not a lot of sympathy out there for people with balances of more than $3million’.

But she questioned the government’s figure of 80,000 Australians affected.

‘How many people will it capture in two years’ time?’ she told the Today show on Thursday.

‘Who will fall into the net in five years, 10 years, 20 years because that $3million hasn’t been indexed?’