>
A Today reporter has ventured into one of Australia’s wealthiest suburbs to taunt wealthy residents about whether they’ll still be able to afford their luxury cars, boats and overseas holidays amid proposed changes to retirement.
Thousands of Australians with more than $3 million in super will no longer get generous tax breaks under a new scheme announced by Prime Minister Anthony Albanese on Tuesday.
The Prime Minister and Treasurer Jim Chalmers confirmed their plans to double the tax rate to 30 per cent for Australians with more than $3m in their super, with the changes expected to take effect on July 1, 2025.
Many of the 80,000 Australians expected to be affected are likely from areas such as Double Bay, a posh eastern Sydney suburb often referred to as ‘Double Pay’ due to its wealth.
Changes to retirement remained a hot topic on breakfast television Wednesday, where Today reporter Lara Vella reported live from the “beautifully manicured streets” of Double Bay.
She repeatedly sled residents throughout the segment, some of them in their faces and was egged on by show hosts Karl Stefanovic and Sarah Abo.
Today Show reporter Lara Vella (pictured) took to the streets of Double Bay on Wednesday
“It’s tough here on the streets of Double Bay this morning,” Vella began.
“The community, they’re counting their pennies, they’re counting the stacks of $100 bills that they’ve strategically placed in their penthouses and mansions in case of a rainy day because this is basically class warfare.
And let’s face it, nobody likes targeting the rich, right?
Vella took to the streets to find out how the Double Bay locals were feeling.
‘People are very dejected. They are going to order less coffee now and they are not sure how they are going to spend the day,” said a barista at a coffee shop.
Vella quipped: ‘How will they pay for their almond lattes?’
The barista responded, ‘They’re going to have to sell some of their property.’
A Double Bay man joked with Lara Vella that he might be forced to sell his daughter’s favorite boat.
Today’s show hosts Karl Stefanovic and Sarah Abo also poked fun at residents in the upmarket suburb.
Vella even brutally rebuffed a local when she told her she was of average income.
‘No, I don’t want to talk to you,’ she said, turning away from the woman who seemed surprised by the interaction.
A middle-aged man was asked if he would have to sell his second Mercedes.
‘It’s the boat, it’s my my daughter’s favourite,” she joked.
Double Bay’s median annual income is $176,577, based on personal income data from the Australian Bureau of Statistics for 2019-20.
Homeowners shell out an average of $3,000 a month in mortgage payments, according to the 2016 census.
‘There will be so many difficult conversations around the solid marble dining tables this morning, won’t there?’ Vella continued.
‘Are they going to have to sell the second or third Mercedes, maybe even downgrade to an Audi or a VW?’
‘You know, Whistler winters aren’t going to pay for themselves. It’s hard.’
Lara Vella (pictured) reflected on how Double Bay residents will still be able to afford their luxury cars, boats and vacations abroad under sweeping reforms.
Stefanovic and Abo were on edge in the studio when Vella ended the segment by taunting a passerby “on her way to yoga.”
“It’s not easy,” Stefanovic joked.
Vella was inundated with praise for her brutal segment on the retirement saga from viewers tired of the spiel from politicians.
“Great job, thanks for injecting a touch of reality into this over-the-top retirement fiasco,” one viewer tweeted.
Another added: ‘Well done for seeing this problem for what it is. A basic measure to prevent the richest Australians from getting an undeserved tax break.’
a third ‘Did more to put perspective on the subject of retirement than any other coverage I’ve seen. If I see one more interview with a liberal politician who spreads lies.
But not all viewers saw the funny side.
‘How dare you ridicule the people who live in Double Bay? They also pay a large amount of taxes to pay for things like Medicare/welfare,” one wrote.