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Around 80,000 people are expected to be affected by the decision to increase the tax rate on earnings on large super balances to 30 per cent.
Treasurer Jim Chalmers wants a contest over super taxes at the next election by daring the Coalition to go in to bat for the wealthiest retirees.
Labor’s proposed superannuation tax changes have been slammed as “another broken promise” and a sign of things to come, with the Opposition predicting the government will impose additional new taxes to fund their unrestrained spending.