Political showdown on superannuation looms

A political showdown on superannuation is looming after the federal government announced an increase to the tax rate for people with more than three million dollars in their super balance. But the Liberals are promising to repeal the plan if the Coalition wins the election in the first half of 2025, signalling a battle over the super system.

Treasurer Jim Chalmers speaks to media during a press conference at Parliament House in Canberra, Wednesday, March 1, 2023. Source: AAP / MICK TSIKAS/AAPIMAGE