Australia will tax superannuation earnings over $3M at 30%-40%, raising $2B yearly, starting July 1.

The Australian Greens have agreed to back revised superannuation tax reforms, enabling the government to pass legislation that taxes earnings in super accounts over $3 million at 30% for balances between $3 million and $10 million, and 40% for amounts over $10 million, effective July 1. The change, which excludes unrealised gains, is projected to raise nearly $2 billion annually by 2028–29. The Greens called it a first step toward broader tax reform, urging further action on capital gains, negative gearing, and trust taxation to address inequality. The government plans to unveil additional fiscal measures in the May 12 budget, including potential personal income tax cuts and EV subsidies. Economists predict only modest impacts on house prices and rents.