Tax & Spend

Australia to Double Tax Rate for Wealthiest Pension Savers

  • Government says 17 people have over A$100 million in accounts
  • Australian treasurer expected to hand down Budget on May 9
Lock
This article is for subscribers only.

Australia’s government plans to double the tax rate on large pension balances to 30% from 2025-26, saying the change will impact less than 0.5% of account holders and make the system more sustainable.

The surprise decision to target those with superannuation balances above A$3 million ($2 million) comes as the government confronts rising debt amid growing spending pressures on defense, health, age care and disability support, Treasurer Jim Chalmers said Tuesday.