Superannuation tax changes: Labor’s $3m super balance plan in limbo as legislation yet to be introduced to parliament

Labor’s signature policy to lift taxes on people with $3 million in superannuation is in limbo, with no plans to debate it in parliament and growing expectations within the government it might roll back elements of its plan to tax paper profits.

Shadow treasurer Ted O’Brien labelled the government “cowards” for going slow on its plan to double the concessional tax rate from 15 to 30 per cent on superannuation earnings for those with high balances, in a move expected to raise $2.7 billion in its first full year of operation.

Any watering down would undermine the federal budget, as the change is one of the government’s only revenue-raising proposals, but could address pushback from the opposition , former prime minister Paul Keating , and long-serving former union movement chief Bill