Richest super balances to be taxed at higher rates after Greens agree to back Labor plan

Greens say support for superannuation tax changes is a ‘down payment’ on Labor pursuing genuine reform in 12 May federal budget

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Labor’s plan to raise the tax rate on the largest super balances will become law after the Greens agreed to wave it through the Senate, ending a three-year political fight over concessions for wealthier retirees.

The Greens treasury spokesperson, Nick McKim, said the decision to support the watered-down package was a green light for Labor to pursue “bold reform” in the upcoming federal budget, including scaling back the capital gains tax discount and negative gearing.