Labor backs down on key elements of controversial superannuation tax plan

<p>Jim Chalmers announces backflip on policy to tax unrealised superannuation gains on account balances of more than $3m</p><ul><li><p><a href="https://www.theguardian.com/australia-news/live/2025/oct/13/australia-news-live-qantas-hack-data-leak-scam-warning-nsw-sydney-potholes-social-media-ban-anika-wells-albanese-sussan-ley-labor-liberal-coalition-ntwnfb">Follow our Australia news live blog for latest updates</a></p></li><li><p>Get our <a href="https://www.theguardian.com/email-newsletters?CMP=cvau_sfl">breaking news email</a>, <a href="https://app.adjust.com/w4u7jx3">free app</a> or <a href="https://www.theguardian.com/australia-news/series/full-story?CMP=cvau_sfl">daily news podcast</a></p></li></ul><p>The Albanese government has spectacularly backed down on its controversial superannuation tax plan, caving to sustained criticism from sections of the media, industry and politics.</p><p>The treasurer, Jim Chalmers, announced the surprise decision on Monday morning just three days after <a href="https://www.theguardian.com/australia-news/2025/oct/10/labor-anthony-albanese-doubling-tax-rate-downplays-chalmers-treasury-advice">Anthony Albanese</a> insisted Labor’s plan remained unchanged.</p> <a href="https://www.theguardian.com/australia-news/2025/oct/13/superannuation-tax-rules-albanese-treasurer-chalmers-labor-announces-surprise-backdown">Continue reading...</a>