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The billionaire property developer criticizes the super tax change, saying it is unfair to Australians who worked hard for their money, but not everyone agrees.
- Melbourne businessman criticized super tax hikes
- He believes that the proposed reforms will not only affect the rich
- John Gandel faced backlash over the comments
One of Australia’s richest men has criticized proposed tax increases for those with strong retirement funds as ridiculous, only to find himself under fire.
Those with more than $3 million in retirement will no longer receive tax breaks under a new plan announced by Anthony Albanese this week.
Federal Prime Minister and Treasurer Jim Chalmers has 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 take effect on 1 July 2025.
Billionaire real estate developer John Gandel, co-owner of the Chadstone shopping center, weighed in, describing the reforms as unfair.
The Melbourne philanthropist believes the proposed changes will inevitably affect more and more Australians, not just the top earners.
John Gandel (pictured with his wife Pauline) has criticized federal government tax increases on Australians who have more than $3 million in super
“It’s ridiculous,” said Gandel Age.
“A tax increase on the highest income earners in the country who have worked hard in this country will always fall on the middle class.”
But some took issue with the comments by Gandel, who was ranked 15th on the latest Australian Financial Review rich list with an estimated wealth of $6.2 billion.
‘I wonder if John Gandel and his fellow billionaires realize that there are many workers who worked very hard to make billionaires rich but received very little money for their efforts. The bigwigs aren’t willing to share the profits, but they are willing to take taxpayer money,” one man tweeted.
Another added: ‘The bus driver and a dentist both work similar hours, but the bus driver works different shifts, not the dentist. I’m not sure if the bus driver will ever hit the $200,000 mark, while the dentist…okay?’
John Gandel (centre) weighed in on the retirement controversy at the opening of Chadstone Shopping Center’s new dining and entertainment precinct on Wednesday.
A third wrote: How is this unfair? He still has his multiple of millions of dollars. Nobody is touching it. He just wants us to keep paying him when he retires. The ultimate in greed.
Others speculated if Gandel was the mysterious Australian with a retirement of $544 million.
Gandel made the remarks at the launch of The Social Quarter, a new $70 million entertainment and dining precinct at Chadstone Mall, the largest mall in the southern hemisphere.
It’s been 40 years since Myer Emporium sold the mall to the Gandel Group for $37 million.
Mr. Gandel now co-owns the world-class shopping precinct with the Vicinity Centers retail property group.
John Gandel (pictured) has been criticized by ordinary Australians for his comments.
His parents, Polish immigrants, opened the women’s clothing store Sussan, which Gandel helped grow into a chain of more than 200 outlets before selling his stake in 1985 to focus on real estate and shopping malls.
Opposition finance spokeswoman Jane Hume admitted “there’s not a lot of sympathy for people with balances over $3 million.”
But he questioned the government’s figure of 80,000 affected Australians.
‘How many people will you capture in two years?’ he 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?’