In desperate times desperate types can come up with desperate decisions but if Julia Gillard has an ability to learn from her mistakes, today’s Herald/Nielsen poll should make her back down on her proposed super changes that are expected to hit SMSF trustees the hardest.
All hell breaks loose
A fortnight ago Labor sent a proposal up the flagpole to tax retirees when they withdrew their super if their balance was over $1 million. There was very little saluting but a hell of a lot complaining. Then the PM came out and said there was never any intention to tax super on the way out. Given her unpopularity I am still trying to work out why she waited a week and a half to tell us this! I think you can work it out.
In simple terms, Wayne Swan is hoping to create a budget surplus but it is a forlorn task. So now he is trying to limit the deficit while trying to find money for the Gonski education reforms and the National Disability Insurance promise.