ReutersThe Australian government said on Tuesday it would limit tax breaks for members with pension balances of more than A$3 million ($2 million) in the face of mounting pressure on the federal budget and protracted deficits. The decision comes just days after the centre-left Labor government launched a consultation on reforming superannuation - retirement funds - saying it wanted the country's pension system to become sustainable and equitable. The high-income earners will come under a tax rate of 30%, up from 15% now and the government's decision is expected to impact around 80,000 people, Prime Minister Anthony Albanese said during a media briefing.

Source: Wall Street Journal February 27, 2023 02:15 UTC