Respected Australian political journalist Chris Uhlmann has unleashed on the federal Treasury and argued its status had been “degraded” after allowing Jim Chalmers to propose a tax on unrealised superannuation gains for more than two years.

Treasurer Jim Chalmers announced on Monday the government had backed down on its controversial plan to double the tax rate on super accounts over $3 million and impose an unrealised gains tax on paper profits.

After fierce resistance from business, industry, union and financial heavyweights Mr Chalmers revealed the government would dump slapping unrealised gains taxes on wealthy superannuants.

Super accounts with a value higher than $3 million will still be taxed double the rate, while those accounts valued at more than $10 million will be hit with a

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