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New Superannuation Tax Rates Passed, Targets Wealth Inequality

3/9/2026

23 3 Full Breakdown

Summary

Story summary

The Labor plan to raise tax rates on large superannuation balances will become law after Greens backed it in the Senate.
The new rates double for balances between $3 million and $10 million and rise to 40% for balances above $10 million.
Greens spokesperson Nick McKim said the move gives Labor room for reform in the next budget to address wealth inequality, including capital gains tax and negative gearing changes.

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Story summary

The Labor plan to raise tax rates on large superannuation balances will become law after Greens backed it in the Senate.
The new rates double for balances between $3 million and $10 million and rise to 40% for balances above $10 million.
Greens spokesperson Nick McKim said the move gives Labor room for reform in the next budget to address wealth inequality, including capital gains tax and negative gearing changes.