A breakfast TV show reporter visited one of Australia’s richest suburbs – mocking wealthy residents about whether they can still afford luxury cars, boats and overseas holidays as super rules are changed.
Thousands of Aussies with more than $3million in superannuation will no longer get generous tax concessions under a new plan announced by Prime Minister Anthony Albanese on Tuesday.
The PM and his Treasurer Jim Chalmers confirmed their 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 come into effect on July 1, 2025.
The top 0.5 per cent of Australians, with more than $3million in retirement savings, are more likely to live in upmarket postcodes like Double Bay, a ritzy suburb in Sydney’s east which is often referred to as ‘Double Pay’ because of its wealth.
The superannuation changes were still a hot topic on breakfast television on Wednesday, where Today show reporter Lara Vella reported live from the ‘beautifully manicured streets’ of Double Bay.
She repeatedly sledged residents throughout the segment, some of them to their faces and was egged on by program hosts Karl Stefanovic and Sarah Abo.
Today show reporter Lara Vella (pictured) took the streets of Double Bay on Wednesday
‘It’s tough out 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 have strategically placed throughout their penthouses and mansions in case of a rainy day because this is basically class warfare.
‘And let’s face it, no one likes it when the rich are the targets, do they?’
Vella took to the streets to find out how Double Bay locals were feeling.
‘People are very despondent. They’re going to be ordering less coffee now and they’re not sure how they’re going to get through their day,’ a coffee shop barista said.
Vella quipped: ‘How will they pay for their almond lattes?’
The barista replied: ‘They’re going to have to sell some of their properties.’
One Double Bay man joked to Lara Vella he may be forced to sell his boat, his daughter’s favourite
Today show hosts Karl Stefanovic and Sarah Abo also poked fun of residents in the ritzy suburb
Vella even brutally rejected a local when she told her she was a middle income earner.
‘No, I don’t want to talk to you,’ she said, turning away from the woman who appeared shocked at the interaction.
A middle-aged man was asked whether he would have to sell his second Mercedes.
‘It’s the boat, it’s my daughter’s favourite,’ he joked.
The average annual income Double Bay is $176,577, according to the Australian Bureau of Statistics’ personal income data for 2019-20.
Homeowners fork out an average of $3,000 a month in mortgage repayments, according to the 2016 Census.
‘There are going to be so many tough conversations had around solid marble dining room tables this morning, aren’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, the winters in Whistler aren’t not going to pay for themselves. It’s tough.’
Lara Vella (pictured) pondered how Double Bay residents will still be able to afford their luxury cars, boats and overseas holidays under the sweeping reforms
Stefanovic and Abo were in stitches back in the studio as Vella ended the segment by mocking a passer-by ‘on her way to yoga.’
‘It’s not easy,’ Stefanovic joked.
Vella was inundated with praise for her brutal segment on the superannuation saga from viewers tired of the spiel from politicians.
‘Good job, thanks for injecting a touch of reality to this superannuation overblown fiasco,’ one viewer tweeted.
Another added: ‘Well done for seeing this issue for what it is. A basic measure to stop the wealthiest Australians getting an undeserved tax concession.’
a third ‘It did more to put perspective on the superannuation issue than all the other coverage I’ve seen. If I see one more interview with a Liberal politician propagating lies.’
But not all viewers saw the funny side.
‘How dare you ridicule people who live in Double Bay. They also pay a s**t load of tax paying for things like Medicare/Welfare,’ one wrote.
Double Bay falls with the electorate of Wentworth, which the Liberal Party lost at the last election to independent Allegra Spender.
Labor has never held this seat.
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