Opposition Warns Australian Self-Funded Retirees Over Labor Superannuation Plan

A bookie holds money at The Melbourne Cup Carnival meeting at Flemington Racecourse Nov. 6, 2007 in Melbourne, Australia. Quinn Rooney/Getty Images

Australian opposition leader Peter Dutton has warned that any plans by Labor to raise superannuation tax would be “detrimental” to Australians’ retirement plans.

The comment comes after Treasurer Jim Chalmers hinted at a cap on super balances over $3 million in the May budget, saying it will make super concessions more “affordable and sustainable.”