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At a press conference in early 2023, Prime Minister Anthony Albanese and Treasurer Jim Chalmers announced their plans to impose a higher tax rate on the earnings of superannuation balances above $3 million.
The measure would help pay down the $1 trillion debt inherited from the previous government, Albanese said.
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Wealth reporterMichelle Bowes writes about wealth from our Sydney newsroom. She has more than 20 years of experience as a business journalist and is the author of Money Queens: Rule your Money, an award-winning personal finance book for teenage girls.
Wealth editorJoanna Mather joined the AFR as an education reporter in 2008. She spent four years in the Canberra press gallery before becoming superannuation reporter in 2016, deputy news director in 2021 and wealth editor in 2023.
