Australia’s government will introduce revived legislation on Wednesday for an additional tax on its wealthiest retirement savers, seeking to implement it from July after a years-long push.
The measure would impose an additional 15% levy on profits from pension balances surpassing A$3 million ($2.1 million), affecting about 90,000 Australians. The bill will be introduced Wednesday, according to a statement from Treasurer
The proposal was first introduced in 2023, but stalled due to a lack of Senate support. The Labor government revived it after its landslide election victory last year, but