Aside from the bad policy of encouraging retirees to take a lump sum, blow it, and then go on the pension, the big problem with the Costello superannuation change is that it relies on punters trusting future governments.

Axing the tax on funds going into super, or while they're in there, would be a concrete benefit workers could judge. The benefit starts accruing straight away. For most people, collecting their super is still a long way off and, therefore, so is the tax break Cossie is introducing.