Teal MPs say capping superannuation at $3m might undermine confidence in saving for retirement

Independent MPs including Kylea Tink, Zoe Daniel and Zali Steggall have said that capping superannuation balances at $3m may undermine the confidence of people saving for retirement.

Despite the pushback, most crossbench MPs have also said they are open to the debate, and senators holding the balance of power have spoken up in favour of curbing generous tax concessions to help with budget repair.

While insisting the government has made no decisions, the treasurer, Jim Chalmers, has pushed the conversation in the direction of caps for people with large superannuation balances, noting that the average Australian had about $150,000 in their account.

Tink suggested targeting tax minimising multinationals instead.