Labor's superannuation tax plan wins senate backing after greens compromise

After a three-year political battle over concessions for wealthy retirees, Australia's Labour government has secured passage of its plan to raise taxes on the largest superannuation balances. The Greens, the country's minor left-wing party, agreed to support the watered-down package in the Senate, paving the way for the legislation to become law this week.

Concessions axed, but wealthier retirees still face higher tax rates

Under the revised superannuation tax changes, the concessional tax rate on earnings for balances between $3 million and $10 million will double from 15% to 30%. Balances above $10 million will be subject to a new, higher 40% rate. Key elements of the original proposal, including taxing unrealized capital gains, have been scrapped.

Labour welcomed the Greens' support, with Treasury spokesperson Nick McKim hailing it as a