Big Pension Balances Rise as Australia Prepares New Tax

The number of Australians with pension balances worth more than A$100 million ($64.1 million) has ballooned over 50% in a year, new data show, as the government prepares to introduce a draft bill to raise taxes for large accounts.

Twenty-eight accounts had balances of more than A$100 million in the 2020-21 financial year compared with 17 the previous financial year, according to analysis of Australian Tax Office figures released Monday. Accounts with balances of more than A$50 million rose to 107 from 78 during the same period.

The average pension account — known locally as superannuation — is A$170,000 according ...