Richest super balances to be taxed at higher rates after Greens agree to back Labor plan

The Guardian - World NewsEN 1 min read 100% complete by Dan Jervis-Bardy Chief political correspondentMarch 9, 2026 at 03:00 PM

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The Australian Labor government's plan to increase taxes on the largest superannuation balances is set to become law after securing support from the Greens party in the Senate. This agreement concludes a three-year political debate regarding tax concessions for wealthy retirees. The Greens' support is contingent on Labor pursuing further tax reforms in the upcoming May 12th federal budget. These potential reforms include scaling back capital gains tax discounts and negative gearing. Greens treasury spokesperson, Nick McKim, framed the agreement as a "down payment" towards more substantial reforms. The change targets high superannuation balances, aiming to generate more revenue for the government.

Key Entities & Roles

Key Player Opposition Context

Federal Budget 40% Senate 50% Australia 60% Nick McKim 70% Greens ×390% Labor Party (Australia) ×390%

Keywords

superannuation tax 90% greens 80% labor 80% tax rate 70% federal budget 60% capital gains tax 50% negative gearing 50% wealthier retirees 50% senate 40%

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Neutral

Score: 0.10

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The Guardian - World News

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85%

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Australia

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superannuation tax greens labor tax rate federal budget capital gains tax negative gearing wealthier retirees senate

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