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Sounds right. But why let logic and common sense ruin the argument? :D Also, IIRC, money in the pension phase was taxed at 15% from $0 but this was abolished in 2007 by this government. Someone can correct me if it was different.

That assumes 5% return. What if the market goes up 20%? It only takes $500K then. So the punter takes the risk and the government gets the reward. Hmmm, that sounds fair.

Thing is, they are taking aim at the high income earners and trying to make it appear like a class war. Unfortunately, a lot of their union support are from industries that are earning a motza and will probably have a tonne of dosh in their super accounts. They just shot themselves in the...

What super fund? It's all defined benefit (or at least for the longer serving MPs) and maybe VERY generous super for newer MPs, IIRC.

What about the small business owner who has busted his gut for years and sells his business into super and retires. Still sound fair?