Australia Introduces Additional Wealth Tax on High-Net-Worth Pension Savings (TAX: AU)

Australia will introduce legislation on March 03, 2026, to levy an additional 15% tax on profits from superannuation balances exceeding A$3 million, effective July 2026. The measure, revived by the Labor government, targets about 90,000 Australians with balances in this bracket. It also imposes a 40% tax on balances over A$10 million and updates low-income superannuation tax offsets (LISTO) to prevent taxpayers from paying more on contributions than on their after-tax pay. The proposal, first introduced in 2023, faced Senate opposition and was scaled back in October 2025 amid concerns over taxing unrealized gains and inflation-adjusted thresholds.