Australians with growing nest eggs can breathe a little easier after Jim Chalmers’ backflip on superannuation tax changes.

Younger Australians won’t be caught out by the $3 million cap when they reach retirement, now that indexation will apply.

Labor has also dumped its controversial plan to tax paper gains — a move that would have hit self-managed super funds with extra tax on assets they hadn’t sold.

Treasurer Jim Chalmers on Monday back flipped on the controversial policy, dumping the most unpopular aspects of Labor’s Better Targeted Superannuation Concessions Bill, first announced in 2023.

The 0.5 per cent or 80,000 Australians with more than $3 million in super are still being targeted, but with a policy that’s now due to come into effect a year later than earlier planned, on July

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