Jim Chalmers signals cap on super balances to rein in tax concessions for wealthy

Some Australians have millions in their superannuation accounts, reaping large concessions from taxpayers. Photograph: Joel Carrett/AAP

Treasurer Jim Chalmers has signalled the government could cap superannuation balances as part of efforts to rein in generous tax concessions that benefit Australia’s wealthiest retirees.

After starting the conversation on the “sustainability” of the super tax concessions on Monday, the debate has narrowed on the small percentage of superannuants with more than $3m in their retirement accounts.