Rumours are swirling that the government may reconsider its superannuation tax changes that will hit those with balances above $3 million with new taxes, including taxing unrealised capital gains.

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Abandoning this policy change would be the right call: the supporting rationale for it is weak and largely incoherent.

Yet these changes, and other tax rumours doing the rounds - including perennial favourites like the need to reform the capital gains tax discount or "close loopholes" - indicate the government does not appreciate scale of the economic and other challenges facing Australi

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