Overview

• Labor’s bill would tax earnings on superannuation balances above $3 million at a 30% rate, doubling the current 15% concession.
• The non-indexed $3 million threshold initially affects about 80,000 Australians and could encompass 1.2 million over the next 30 years.
• Prime Minister Anthony Albanese has signalled readiness to negotiate with the Coalition after failing to win a Senate majority.
• The Coalition insists on indexation of the threshold and exclusion of unrealised gains, while the Greens demand a $2 million cap.
• Regulations will clarify how defined benefit pensions—including those of long-serving politicians—are brought into the new tax regime.