The Federal Government has announced a new plan to double the tax on super balances over $3 million but it won’t be put into effect until mid-2025

The Australia Institute senior economist Matt Grudnoff told Oliver Peterson on Perth Live it is a reasonable change to super.

“This is a good first step,” said Mr Grundoff.

Press PLAY below to hear how the new tax laws will impact Australians

The Australian Financial Review political editor Phillip Coorey believes the way Labor has gone about the change is ‘sloppy’.

“It’s very lazy… they knew they were gonna do this all along,” said Mr Coorey.