Overview

• The proposal would double the earnings tax rate on super balances above $3 million from 15 percent to 30 percent, affecting roughly 80,000 account holders or 0.5 percent of savers.
• Jim Chalmers accused the Coalition of flip-flopping and spreading falsehoods as they shifted between openness to talks and outright opposition.
• The Greens signalled they could back the bill if the threshold is lowered to $2 million and indexed, but Chalmers has ruled out substantive amendments.
• Shadow treasurer Ted O’Brien criticised the plan’s tax on unrealised capital gains, warning the unchanged threshold could sweep in middle-income earners over time.
• Labor is set to rely on crossbench support in the Senate when Parliament reconvenes in August to secure passage of the legislation.