Here's what the average person with $3 million in super looks like
But the analysis of tax numbers from the Association of Superannuation Funds of Australia shows that the median income for people affected by the change is much lower, at $110,000, and just a quarter have an investment property.
Labor will need to secure the support of the Greens over coming weeks to pass its legislation, which will lift the concessional tax rate on earnings from the portion of super balances above $3 million from 15 per cent to 30 per cent and which it claims will raise about $2.7 billion in revenue.
Only about one in 200 Australians are expected to take a hit when the laws come into effect, but critics have suggested far more people will be affected in coming years if the threshold is not tied to wage growth or inflation.
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Opposition Leader Sussan Ley this week told the Coalition party room, ahead of the opening of the 48th parliament, that the Coalition would target Labor's tax agenda after leaked Treasury advice urged the treasurer to consider new taxes too boost the budget bottom line. Ley vowed to 'fight them every step of the way'.
ASFA's research, based on the latest data from the Australian Tax Office (ATO) during the 2022-23 period, found about 77,400 – or more than nine in 10 affected individuals – have super balances of more than $3 million but less than $10 million.
The remaining 7 per cent have between $10 million and $50 million banked up in super, while about 100 Australians – less than 1 per cent of those affected and less than 0.005 per cent of the population – have nest eggs exceeding $50 million.
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Homes stood locked, while chickens and dogs roamed outside. Some villagers earlier dug holes to create makeshift underground bunkers, covering them with wood, tarpaulin and zinc sheets to shield themselves from shelling. Families with children were seen packing their belongings on home-made tractors to evacuate, though a few men refused to leave. A remote Buddhist temple surrounded by rice fields accommodated several hundred evacuated villagers. Women rested in hammocks, some cradling babies, while children ran about. Makeshift plastic tents were being set up under the trees. Veng Chin, 74, pleaded with both governments to negotiate a settlement "so that I can return to my home and work on the farm." A convenience store at a gas station is damaged after Cambodia fired artillery shells in Sisaket province, Thailand, Friday, July 25, 2025. (AP Photo/Sakchai Lalit) (AP) The conflict marks a rare instance of armed confrontation between ASEAN member countries though Thailand has tangled with Cambodia before over the border and has had sporadic skirmishes with western neighbour Myanmar. Malaysian Prime Minister Anwar Ibrahim said Friday that Thailand and Cambodia had agreed to a ceasefire and to withdraw their troops from the border, but requested more time before implementing the action, according to a report by Malaysia's Bernama national news agency. Anwar said he had spoken to both Cambodian leader Hun Manet and Thailand's Phumtham and urged them to open space for "peaceful dialogue and diplomatic resolution," while offering to have Malaysia facilitate talks. UN Secretary-General Antonio Guterres has also called for restraint and urged both countries to resolve disputes through dialogue, according to U.N. deputy spokesman Farhan Haq. It's the latest flareup in longstanding border tensions The 800-kilometre frontier between Thailand and Cambodia has been disputed for decades, but past confrontations have been limited and brief. The last major flare-up in 2011 left 20 dead. The current tensions broke out in May when a Cambodian soldier was killed in a confrontation that created a diplomatic rift and roiled Thailand's domestic politics. Things got worse when a land mine wounded five Thai soldiers on Wednesday, leading Bangkok to close the border and expel the Cambodian ambassador. The next day, clashes broke out along the border. Thailand Cambodia World conflict Travel CONTACT US
