The Prime Minister and the Treasurer must rue the day they allowed their public service advisers to talk them into a $500,000 lifetime cap on non-concessional super contributions with nine years of back-counting. If they don’t, then they should. It’s one thing to bear political pain for a measure that is soundly based in policy principles and makes a major contribution to budget repair, but the non-concessional cap passes neither of those tests.
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