Labor’s tax hike on $3 million superannuation balances will hit more people than the Greens’ counterproposal over the long run, fuelling calls to index the policy to spare an increasing number of workers from being slugged.

The Albanese government only needs to secure the support of the Greens in the Senate to enact its controversial policy to raise the earnings tax on superannuation balances above $3 million to 30 per cent from 15 per cent.