The treasurer has responded to critics of a plan to change tax concessions on large super balances. Photo: Steven Saphore/AAP PHOTOS

More than one million Australians are expected to be about $15,000 better off by the time they retire after Labor caved to pressure to overhaul controversial changes to tax on superannuation.

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The federal government has announced a drastic redesign of its super tax policy, which was originally intended to double the tax rate on accounts containing more than $3 million to 30 per cent.

Under the new changes, the $3 million threshold will remain, while ac

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