The tax rate on earnings from superannuation balances above $3 million will double to 30% from 2025-26.
The pre-budget decision – approved by the government’s expenditure review committee on Monday and ticked by the cabinet on Tuesday morning – cuts off what was becoming a potentially damaging debate for the government.
The timing of its implementation – not until the next parliamentary term – also seeks to neutralise the “broken promise” argument. Prime Minister Anthony Albanese said before the 2022 election that Labor had no intention of changing superannuation arrangements.
