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‘Too complex already’: Pushback grows against Labor’s $3m super tax

Lucas Baird, Carrie LaFrenz, John Kehoe and Michael Stutchbury

Updated May 23, 2025 – 9.09am, first published at May 22, 2025 – 7.47pm

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Aware Super chief executive Deanne Stewart, who runs the country’s third-largest superannuation fund, has joined growing calls for the government’s new super tax threshold to be increased in line with inflation to prevent younger generations from being stung.

Labor elder Bill Kelty and Wesfarmers chief executive Rob Scott have also expressed concerns about Treasurer Jim Chalmers’ push to tax unrealised gains in high-value super accounts.

Lucas Baird is a journalist based in The Australian Financial Review's Sydney office.

Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club.

John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury.

Michael Stutchbury is editor-at-large. He is in his fourth decade of writing for and editing national newspapers. After nearly six years as editor of The Australian, he returned to the Financial Review as editor-in-chief (2011-2024).