Australia Presses on With Tax Hike for Wealthy Pension Savers

Australia’s government will introduce revived legislation on Wednesday for an additional tax on its wealthiest retirement savers, seeking to implement it from July after a years-long push.

The measure would impose an additional 15% levy on profits from pension balances surpassing A$3 million ($2.1 million), affecting about 90,000 Australians. The bill will be introduced Wednesday, according to a statement from Treasurer Jim Chalmers.

The proposal was first introduced in 2023, but stalled due to a lack of Senate support. The Labor government revived it after its landslide election victory last year, but scaled back elements of the plan in ...