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Political showdown on superannuation looms

Australian federal treasurer Jim Chalmers at a press conference in Canberra. The image is a medium shot. Chalmers wears a black suit with striped blue tie and a wan expression on his face. Behind him are the Australian and Torres Strait Island flags.

Federal Treasurer Jim Chalmers Source: AAP / Mick Tsikas

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It follows the federal government's announced 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.

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