The hysterical response to changes in superannuation policy, led by the Murdoch press, is not as effective as it used to be
lie can travel halfway around the world while the truth is still putting its boots on”. This aphorism , is equally applicable to the contrast between superficial political commentary and serious political analysis.
We’ve seen a striking example in the media coverage of the government’s recently announced plans to limit tax concessions for those with superannuation benefits in excess of $3m, representing about 0.5% of the population. The estimated budget saving from this measure is about $2bn a year, when it comes into effect after the next election. This assumes, of course, that Labor will be re-elected.Our current absurd system was built up over many decades by Labor and LNP governments alike.
Ever since Costello left his parting gift of fiscal sabotage, governments of both parties have tried to rein in the worst of the rorts in the face of ferocious opposition from a variety of lobby groups. The initial reaction from the mass media to Labor’s suggestion of a $3m concession cap was overwhelmingly negative. The opposition of the Murdoch press was predictable. Even so, the ferocity of the response was surprising, with slogans like “class warfare”, “
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