Australia's Albanese government plans a new tax on superannuation accounts over $3 million, sparking debate.

The Albanese government in Australia plans to introduce a new tax on superannuation (pension) accounts over $3 million, affecting earnings and unrealized gains. Critics, including former union leaders and business figures, argue this could discourage investment and impact younger savers, while the government defends it as a way to fund priorities like Medicare. The tax, set to start July 1, aims to raise $2.7 billion annually.