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This is virtually what Mr Keating originally introduced in July 1983 when he changed the tax payable on withdrawals from 5% of withdrawal added to the marginal tax rate to 15% on the first $50,000 and 30% on the excess above. It took him 5 years to realise that as none of the Baby Boomers were retiring in the 1980's this tax wasn't helping him balance his budgets so he "brought forward" the 15% as the contribution and internal earnings tax. What Senator L is suggesting is what occurs in Canada and other countries but I can't imagine the short sighted pollies here changing it to benefit the budgets of future pollies not yet in parliament.