Overview

• Cabinet approved a reworked package taxing earnings at 30% on super balances between A$3 million and A$10 million and 40% above A$10 million, with both thresholds indexed.
• Taxation of unrealised gains has been scrapped, with the higher rates to apply only to realised earnings.
• The start date is delayed one year to July 1, 2026, with the government estimating a A$4.2 billion reduction in receipts over four years.
• The low‑income super tax offset will rise to A$810 with eligibility lifted to A$45,000 from 2027, benefiting about 1.3 million people, roughly 60% of them women.
• Treasurer Jim Chalmers has begun outreach to the Greens to secure passage, with government estimates indicating about 90,000 balances above A$3 million and roughly 8,000 above A$10 million.