Teal MPs say capping superannuation at $3m might undermine confidence in saving for retirement

Zali Steggall said of capping superannuation ‘it’s not a question of where you put the cap, it’s a question of principle’. Photograph: Mike Bowers/The Guardian

Independent MPs including Kylea Tink, Zoe Daniel and Zali Steggall have said that capping superannuation tax concessions at $3m may undermine the confidence of people saving for retirement.

The teals have joined the Coalition in warning against capping, which appears to be the most likely measure to implement Labor’s objective for super to be “sustainable and equitable”, saying the government should look to raise revenue elsewhere, including company profits and tax evasion.