Labor may team up with Coalition to pass $3m superannuation accounts tax legislation

Labor is planning to introduce a significant tax increase on superannuation accounts over $3 million, with a proposed 15% earnings tax boosting to 30%, as part of broader discussions to address budget deficits. The plan requires extensive changes, including ending favourable tax treatment for retirement savings, and faces opposition from parties like the Greens and the Coalition, which has suggested working on "constructive terms" to avoid being part of a "No-alition." The proposal could have broad implications for politicians with defined benefit accounts, potentially requiring adjustments in how such accounts are treated.