Australia Revamps Pension Tax for Wealthy Savers After Blowback

Australia’s government has rolled back some of the most contentious elements of a planned tax on large pension balances after the proposal drew heavy criticism.

The government had planned to slap an extra 15% levy on profits from pension balances above A$3 million ($2 million). That’s on top of the 15% tax that they — and most Australian workers — already typically pay on investment earnings in their superannuation accounts.

The initial plan was slammed by opposition parties and some financial executives, mainly because tax thresholds weren’t indexed to inflation and the levy would capture changes in assets’ value regardless ...