The Albanese Government is another step closer to delivering its superannuation reforms.
These changes will help low income workers and make the super system fairer from top to bottom.
This means more super for workers on low incomes and more sustainable tax breaks for people with the biggest balances.
Our reforms are all about helping workers earn more, keep more of what they earn and retire with more, while also strengthening Australia's world‑class superannuation system.
Today the Greens have confirmed their support for the Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026 without amendment.
We welcome this development and thank the Greens for their constructive engagement on this Bill.
Passage of this legislation, which is before the Senate, will mean more super for around 1.3 million Australians, including around 750,000 women and around 550,000 young people under the age of 30.
We now call on the whole Parliament, including the Liberal and National parties, to support these important reforms.
A vote against these reforms is a vote against a more secure retirement for more than a million Australians, including hundreds of thousands of young people and women.
This is the first real test for the new Opposition Leader and his risky and extreme Shadow Treasurer: will they back a fairer superannuation system from top to bottom, or will it be more of the same, defending those with millions in super at the expense of working Australians?
This legislation will boost the Low Income Superannuation Tax Offset (LISTO) and make a number of important changes to maintain tax concessions but better target them for large balances over $3 million.
The workers who stand to benefit from the LISTO change include over 100,000 sales assistants, over 50,000 administrative workers, over 50,000 aged care workers and disability carers, and over 50,000 child care workers.
Workers will receive a boost of up to $810 per year to their superannuation account depending on their income and contributions, with an average increase in the LISTO payment of $410 for affected workers.
Workers could receive a potential benefit at retirement of around $15,000 depending on an individual's income over their career.
Our policy to better target super concessions for large balances will continue to affect less than 0.5 per cent of all Australians in 2026-27.
This Bill is the result of extensive consultation and industry feedback.
Labor built the superannuation system, and this legislation builds on this Government's reforms, including lifting the Superannuation Guarantee to 12 per cent, paying super on paid parental leave and legislating payday super to start on 1 July this year.
