Angus Taylor stands by comments he made in 2016 as he doubles down on Labor’s broken election promise about super

Angus Taylor has been forced to address “awkward” comments he made in 2016 about changes to super after footage circulated on social media.

At the time he supported increasing tax concessions for Australians with high super account balances, a move the Labor Government has since announced.

On Tuesday it announced that super funds from 2025-26 valued at more than $3 million will not benefit from generous tax concessions on earnings, changes which the government said will affect just 0.5 per cent of the population.

Earnings from those funds will be taxed double, or 30 per cent, than the existing level in what the government says will generate about $2 billion.

When asked by First Edition host Peter Stefanovic about the comments made and why he now takes issue with it, Mr Taylor said this is about Labor breaking an election promise.

“They’re breaking an election promise, there’s no ambiguity about that. They’re legislating this in this term of parliament,” he said.

“This is a supersized broken election promise.”

Stefanovic then pushed Mr Taylor to address the substance of the change, asking why his position has since changed.

Dismissing it as a different policy, Mr Taylor said the “far more important point” is that this one is a broken election promise.

“I get that but I’m just going back to what you’re’ saying, what’s behind you changing your view,” Stefanovic asked again.

“Labor’s breaking an election promise,” Mr Taylor began, before Stefanovic added: “I know you want to move it on because it’s awkward, but what made you change your view?”

Mr Taylor stood firm, pointing again to the election pledge Labor made, accusing the Prime Minister of breaking his word.

“Albanese said ‘my word is my bond’, the Prime Minister is walking away from his word before the election,” he added.

Stefanovic then asked more explicitly as to why the shadow treasurer doesn’t have the same view about the extra-wealthy paying their fair share.

“I have the view that governments shouldn’t break election promises, and I would have thought the media and the press gallery would think that’s important too,” Mr Taylor added.

Before the interview ended Mr Taylor was asked if he believed what he was saying back in 2016.

“Of course I did but the point I was making back then, and I’ll continue to make now, is that governments should keep election commitments,” he said.

“That went to an election, and it was a hard-fought election. This is not going to an election.”

Labor has reiterated the changes would not be implemented in this term of Parliament in an attempt to distance the government from accusations of a broken election promise.

Under the existing system all earnings from super funds are taxed at 15 per cent. This will remain for those funds with balances less than $3 million.

The government has said the new changes will only affect about 80,000 people and argued those Australians will “continue to benefit” from the lower tax concession compared to the top marginal income rate.