Teals brand Labor’s $3m policy a ‘cash grab’

Teal crossbenchers say Labor must drop plans to tax unrealised gains on large superannuation accounts, and allow for the proposed $3 million balance cap to rise over time, or risk leaving future retirees worse off and stifling investments in start-ups.

They say the government has failed to take on board concerns raised during consultation for the laws, pushing for amendments to the legislation to avoid “dangerous precedents” before it reaches the Senate, where Labor does not have the numbers to push through the bill without crossbench support.