What is Labor proposing to do with superannuation, and why is it controversial?

The government is considering a new tax on high superannuation savings, which could raise billions to fund future spending but will disproportionately affect older Australians. While young people might not notice immediate changes, those nearing retirement could face significant extra taxes. The plan, expected to generate up to $40 billion over two decades, would target earners from $3 million upwards in super accounts— a threshold that won’t be adjusted for inflation or wage growth. Experts warn this could leave future workers footing the bill while older Aussies benefit less. Critics argue it’s a long-term strategy, but supporters see it as a short-term budget fix.