Big super backs tax crackdown on ‘ludicrous’ $5m accounts

Michael Read and Aleks Vickovich

Nov 8, 2022 – 10.53am

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Superannuation fund chiefs have rallied around calls to scale back tax concessions for $5 million-plus retirement savings accounts, but the Albanese government is under pressure to curb benefits for an additional 70,000 high-income earners by imposing an even lower limit of $2 million.

With Labor gearing up for a debate on curtailing super tax concessions for wealthy Australians, Financial Services Minister Stephen Jones said on Tuesday the government had not settled on how much superannuation was too much.

Michael Read is the Financial Review's economics correspondent, reporting from the federal press gallery at Parliament House. He was previously an economist at the Reserve Bank of Australia and at UBS.

Aleks Vickovich leads the Financial Review's coverage of wealth management, specialising in the business and regulation of investment markets, financial advice and superannuation.