A new survey from DemosAU has revealed sharp divisions in public attitudes towards the Federal Government’s proposed superannuation tax changes.

The research, conducted on 31 July 2025 with over 1,079 respondents,, found that 45% of respondents support the proposed changes, while 33% are opposed and 22% remain undecided.

Under the plan, earnings on the portion of superannuation balances exceeding $3 million would be taxed at 30%, double the current 15% applied during the accumulation phase. Balances below $3 million would remain taxed at the existing lower rates.

Support and Opposition to Super Changes Grounded on Differing Notions of Fairnes

Utilising DemosAU’s Conversational AI capabilities, respondents engaged in an open-ended discussion about their reasons for supporting or opposing the proposed changed.

Among those who back the changes, fairness and redistribution were recurring themes. Supporters argued that wealthier Australians are well placed to contribute more to the nation’s finances. Many suggested that revenue raised could be directed toward public services like healthcare, education, and infrastructure.

One Labor-supporting respondent aged 65+ said, “If someone has in excess of $3m then it is only right for them to pay the higher tax. It’s mainly to stop the rich getting richer.”

Similarly, a Greens voter aged 18–24 argued, “Tax the rich; because they have the means to afford that kind of tax rather than taxing people who are struggling to keep rent and taking it from HECS.”

Supporters framed the measure as a way to narrow inequality and ease the burden on low- and middle-income earners.

On the other hand, opponents of the policy stressed concerns about fairness and the integrity of retirement savings. Many saw the measure as “double-dipping,” arguing that superannuation is already taxed and that higher rates would penalise diligent savers, while others raised concerns about the intention to tax unrealised gains.

A Liberal/National voter aged 45–54 expressed particular concern about the treatment of unrealised capital gains: “The higher tax is justified but it is the taxing of unrealised capital gains that makes the whole matter extremely unfair. Individuals may need to sell assets such as family farms to pay the tax.”

Other opponents feared the changes would reduce incentives to save, push more Australians onto the Age Pension, and undermine financial independence in retirement.

One respondent, a 25–34-year-old Liberal/National voter, put it bluntly: “My dad has more than $3m in his super. He worked really hard to earn this so why should he be penalised? It isn’t fair.”

Demographic Divides

The findings highlight stark differences across political, income, and demographic lines.

• Political divide: 59% of Labor voters support the changes compared to just 33% of Coalition voters. Support is also strong among Greens voters (49%), but weak among One Nation voters (28%).
• Age factor: Older Australians (55+) were more likely to support the reforms (50%) than younger cohorts. However, they were also the most sceptical about whether they would personally pay more under the plan, with 73% of over-55s saying it would not affect them.
• Income differences: Support peaked among households earning between $125,000 and $200,000 (51%) but fell sharply among those earning over $200,000, where opposition (46%) outweighed support (36%).
• State variation: Western Australians showed the highest level of support (52%), while Tasmanians were the least supportive, with just 27% in favour and 42% opposed.

Public Perceptions of Impact of Superannuation Tax Changes

Despite the policy targeting very high balances, more than one in five Australians (22%) believed they personally would pay more tax if the changes went ahead, while a clear majority (57%) said they would not.

Notably, younger respondents (18–34) were the most likely to think they would be impacted (29%), while only 11% of those over 55 believed the same.

Read the report in full.

Sign up to our mailing list to stay up to date on the latest in Australian polling and market research.

Have a project to discuss? Get in touch

About the poll:

The poll of 1,079 Australians was conducted via internet panel on 31 July 2025. The effective margin of error was +/- 3.7%.