Labor’s $3 Million Super Threshold Could Affect Over 500,000 Australians: Liberal Senator

Australian Liberal Senator Andrew Bragg reacts in between divisions in the Senate chamber at Parliament House in Canberra, Australia, on Feb. 9, 2023. AAP Image/Lukas Coch

A Liberal senator has warned that Labor’s planned taxes on high superannuation balances could eventually impact over 500,000 Australians—a number impacting six times more individuals than what the government has claimed.

Prime Minister Anthony Albanese this week unveiled his plan to double taxes on super accounts with more than $3 million (US$2.03 million) from 15 percent to 30 percent, with the changes to come into effect from mid-2025, around the time when Australia has another federal election.