Labor’s $3 Million Superannuation Tax Bill Passes House of Representatives

The bill will double the tax on super balances above $3 million, and impose a 40 percent rate on balances over $10 million.

Members move across the floor during a division in the House of Representatives at Parliament House in Canberra, Australia on Feb. 4, 2026. Hilary Wardhaugh/Getty Images

The Albanese government’s revised legislation to increase taxes on large superannuation balances has passed the House of Representatives, advancing a key retirement savings reform to the Senate.

The Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026, introduced to Parliament on Feb. 11, proposes reducing tax concessions on superannuation balances above $3 million (US$2.1 million) while also boosting support for low-income workers through higher government super contributions.