The official word from the government is, they are going to look into it after their think tank on the definition of Super. Sole purpose test of Superannuation is to help people provide for their retirement. Painfully obvious that they want to expand it to a national savings fund to be used by governments. IE low cost housing.
The $1.7M Cap is a different entity that you should not confuse with the current narrative slowly being pushed. The $1.7M is the Cap for tax free purposes when you start a pension or annuity at retirement. Currently you can have much Super as you like in your accumulation account.
SMSF can still easily get past $5M due to the ability to invest directly in property.
Retail and Industry Fund members could also achieve high balances if they took an active approach to how their funds are invested along with maximising contributions.
