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Billionaire John Gandel slams Anthony Albanese’s superannuation tax hikes

Billionaire real estate developer denounces super tax change, says it’s unfair to Aussies who worked hard for their money – but not everyone agrees

  • The Melbourne businessman denounced super tax hikes
  • Believes that the proposed reforms will not only affect the wealthy
  • John Gandel responded to comments

One of Australia’s richest men has ridiculed proposed tax increases for those with hefty pension funds, only to come under fire himself.

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

The Prime Minister and Federal Treasurer Jim Chalmers confirmed plans to double the contribution tax rate to 30 per cent, down from 15 per cent, for 80,000 Australians, with the changes expected to take effect on 1 July 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 his wife Pauline) has rejected the federal government’s tax increases for Aussies who spend more than $3 million in super

“It’s ridiculous,” said Mr. Gandel The age.

“A tax increase for the country’s top earners who have worked hard in this country always comes down to the middle class.”

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

“I wonder if John Gandel and his fellow billionaires realize that there are many, many workers who have worked very hard to make the billionaires rich, but have received very little money for their efforts. Leaders not willing to share profits, but willing to take taxpayers’ money,” one man tweeted.

Another added: ‘Bus driver and dentist both work similar hours, but the bus driver works different shifts, the dentist does not. I’m not sure the bus driver will ever hit the $200,000 mark, while the dentist… Honestly?’

John Gandel (center) weighed in on the retirement controversy at the unveiling of the Chadstone Shopping Center's new entertainment and dining area on Wednesday

John Gandel (center) weighed in on the retirement controversy at the unveiling of the Chadstone Shopping Center’s new entertainment and dining area on Wednesday

A third wrote: How is it unfair? He still has his millions of dollars. Nobody touches it. He just wants us to keep paying him when he retires. The ultimate in greed.”

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

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

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

Mr. Gandel now co-owns the world-class retail district with retail real estate group Vicinity Centres.

John Gandel (pictured) has come under fire from ordinary Australians for his comments

John Gandel (pictured) has come under fire from ordinary Australians for his comments

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

Opposition finance spokeswoman Jane Hume admitted that “there isn’t much sympathy for people with balances over $3 million.”

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

“How many people will it catch in two years?” she told the Today show on Thursday.

“Who’s going to fall into the net in five years, 10 years, 20 years because that $3 million hasn’t been indexed?”