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Jacob Shteyman

Super funds spared billions after US axes 'revenge tax'

Jim Chalmers Scott Bessent United States Donald Trump G7

Australia's superannuation industry holds more than $600 billion worth of US assets. (Dan Peled/AAP PHOTOS)

Australian superannuation funds are breathing a sigh of relief after the US dropped a so-called "revenge tax" on foreign investors.

The super industry had been ringing alarm bells over section 899 of President Donald Trump's proposed "big beautiful bill", which would have raised taxes by up to 15 percentage points on foreign entities in retaliation for "unfair taxes" imposed on the US by other countries.

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