Libs originally were against changes to Super too but when they thought it could buy votes they were all for using Superannuation as a house deposit.
Revenue to be gained is far greater at a $2.5M or $3M cap than $5M and still only affects around 100000 people, not enough to impact a government come election time. Those with not much Super won't care as it doesn't impact them, if anything they will be all for it. Part of the Rich paying their fair share cries we hear.
$2.5M on a 4% drawdown is $100k which is pretty close to 4 times the aged pension so can be reasonably argued is a reasonable amount to fund retirement which is the scope of what the government are trying to define now.
The argument of, I but I want a higher standard of retirement is moot as there will be nothing stopping people creating it adding to wealth outside of Super. You can still have a high standard of retirement.
The loss of revenue from wealth creation currently in Superannuation is the focus.
That being said, there are tax minimisation strategies that can be used outside if Superannuation and probably will be by higher nett worth individuals.
Anything coming about in the October budget or even May next year will likely come in to being from July 1st 2024.
