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.