Despite this pushback, most crossbench MPs remain open to debate, and several independent senators have spoken in favour of curbing some super tax concessions to help budget repair
Independent MPs including Kylea Tink, Zoe Daniel and Zali Steggall have said that capping superannuation balances at $3m may undermine the confidence of people saving for retirement.
The teals have joined the Coalition in warning against capping, which appears to be the most likely measure to implement Labor’s objective for super to be “sustainable and equitable”, saying the government should look to raise revenue elsewhere, including company profits and tax evasion.
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