Labor backs down on key elements of controversial superannuation tax plan

Jim Chalmers announces backflip on policy to tax unrealised superannuation gains on account balances of more than $3m

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The Albanese government has spectacularly backed down on its controversial superannuation tax plan, caving to sustained criticism from sections of the media, industry and politics.

The treasurer, Jim Chalmers, announced the surprise decision on Monday morning just three days after Anthony Albanese insisted Labor’s plan remained unchanged.