After more than two years of stonewalling, spinning, and trying to ram it through, the Treasurer has finally been forced to back down on part of his Family Savings Tax — because you stood up and said no.
Overruled by the Prime Minister, Chalmers has now cut a deal with the Greens. Taxing money you haven’t earned and may never see was reckless — a policy so economically illiterate it would have punished those who did the right thing, wrecked investment, and robbed future generations.
It took relentless campaigning for that truth to hit home.
Here’s what you need to know:
• Only realised gains will be taxed — not unrealised ones.
• The $3 million threshold will be indexed.
• A new $10 million tier will be introduced, taxed at 40%.
• Implementation delayed until July 2026.
But the campaign that forced him to back down says more than the decision itself.
Your pressure — your signatures, donations, and voices — made this stubborn Treasurer crack.
Super-sized backdown as Chalmers retreats on $3m superannuation tax.
You’ve united over 50,000 Australians and proved that when people stand together, even a government with a stonking majority has to listen.
We’re not done holding this government to account.
This is about more than one tax — it’s about restoring a nation that rewards aspiration, not treats it as a problem to be solved.
A nation where those who work, save and build are free to keep more of what they earn.
Where government knows its place — stepping back so Australians can step forward.
And where freedom and fairness aren’t privileges handed down by politicians, but the enduring promise of a nation that believes in its people.