Labor abandons superannuation tax hike due to political and economic concerns, keeping current rates.

Labor has abandoned its plan to increase the superannuation tax rate, citing political pressure and concerns over economic impact, marking a significant policy retreat. The move, described as a "victory for common sense" by critics, comes amid growing backlash from retirees and business groups who warned of reduced savings and investment. The government now plans to review the policy framework without immediate changes, leaving the current super tax rates intact.