Labor Secures Greens Support to Pass $3 Million ‘Super Tax’ Bill Through the Senate

The tax rate for super balances above $3 million will increase, and a new 40 percent tax will be applied to those with over $10 million.

Treasurer Jim Chalmers address the House of Representatives at Parliament House in Canberra, Australia on March 10, 2026. Hilary Wardhaugh/Getty Images

The Labor government has secured the Greens’ support to pass its new superannuation taxes through the Senate.

Prime Minister Anthony Albanese confirmed on March 10 that the Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026 will pass the upper house this week without amendments.