Overview

• Treasury deputy secretary Diane Brown told Senate estimates the department is examining stakeholder concerns about the plan to raise the tax on earnings for super balances above $3 million.
• Brown said Treasury has modelled the impact of excluding certain groups to test suggestions from consultations, while confirming no decision has been made to change the bill.
• Prime Minister Anthony Albanese said seeking Treasury advice is routine and stated there are no policy changes, rejecting claims he overruled Treasurer Jim Chalmers.
• The proposal would lift the tax rate on earnings above the $3 million threshold from 15% to 30%, remains unlegislated, and was initially slated to begin on July 1 this year.
• Passage depends on Senate support from the Greens, who want a $2 million threshold, as critics warn about non-indexation and potential taxation of unrealised gains, with revenue estimates reported at roughly $2 billion to $2.7 billion a year.