Treasurer Jim Chalmers announced a costly partial reversal of higher superannuation taxes after consulting former PM Paul Keating, particularly dropping the plan to tax unrealised gains on accounts over $3 million, which will reduce budget income by $4.2 billion. The new framework includes a 15% tax on balances above $3 million, rising with inflation, and a 40% tax on accounts over $10 million, with implementation delayed to July 1, 2026.
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