Opposition Leader Peter Dutton is warning the Treasurer won’t stop at his plan to overhaul tax concessions on the nation’s biggest superannuation accounts.

Superannuation accounts for people who earn less than $250,000 a year enjoy a tax rate of 15 per cent across the board, with financial experts arguing the flat rate unfairly benefits the rich more.

It’s estimated there are 11,000 super accounts with a balance of at least $5 million and, according to the Australian Financial Review last year, there are 32 self-managed accounts with $100 million or more.

Speaking with Chris O’Keefe yesterday, Treasurer Jim Chalmers questioned whether “paying a lot of taxpayer money in concessions for that group is the best use of that money”.

But Mr Dutton told Ray Hadley the government will use higher tax rates to treat super balances as “a piggy bank or cash cow”.

“It’s an ideological thing that the ALP always seem to have,” he said. “That somehow, that’s an opportunity for the government to tax because they want to spend money in every other area.

“If it starts on people with high balances, Ray, they’ll just keep coming back to the well.

“All of a sudden, you’re a couple rungs down and people who didn’t think they’re in line, they’re having to pay additional tax.”

You can hear more highlights from Ray Hadley below

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