And so, he pulled it. Or “parked it”, as the federal government’s top negotiator, Senator Mathias Cormann, would put it.

Shortly before 6pm on Tuesday, just after new ALP Senator Kristina Keneally gave her first speech in front of a packed gallery, including Opposition Leader Bill Shorten and about 20 other MPs from “the other place”, the finance minister stood and conceded (temporary) defeat.