80,000 people will be hit by Labor’s super changes. How much will it hurt?

‘A lot of balances that high don’t get spent down in retirement, they just end up being left as bequests to children. That’s a bad policy outcome.’ Photograph: Steven Saphore/AAP

For the roughly 80,000 people caught by the Albanese government’s changes to superannuation, the new tax arrangements could deter them from keeping excessive funds in their retirement accounts.

The government announced on Tuesday that from July 2025, earnings on super balances above $3m will be taxed at a rate of 30%, up from the current 15%.