The changes to superannuation rules that he announced in the federal budget are the second occasion on which he has savagely attacked those who have worked hard, saved, invested and accumulated assets. 

The first was when he introduced a much more severe assets test for the age pension to start in January 2017. 

That will require people who don’t qualify for full pensions to earn 7.8 per cent on their investments just to replace the pensions they will lose because they have the savings.

Some of Mr Morrison’s new super changes are quite restrictive and will have a retrospective impact. 

It is unusual for new rules to apply to existing investments without grandfathering. 

It should be noted that the announcements in the budget are only proposals. They may look very different after the election campaign and assessment by the new parliament. 

The opposition has indicated it will oppose the retrospective elements of the proposed super changes, even though they most affect the well-off. It will oppose the retirement pension account limit of $1.6 million being applied to accounts already in excess of that. 

The government’s plan would force people with more than that in their pension accounts already to take the excess out. The opposition is also unhappy about the $500,000 lifetime limit on non-concessional super contributions starting from 2007. 

The lifetime limit on after-tax contributions means some people who have already made large contributions since 2007 will be unable to make any more after-tax contributions. If they are high income earners they may be entirely prevented from making any voluntary contributions. 

By opposing retrospectivity even when it affects the well-off, opposition leader Bill Shorten has highlighted Treasurer Morrison’s lack of principles. Mr Shorten also opposed the pension assets test changes as being unfair to those who have significant savings but are not rich. 

The budget proposes five main changes to the super rules. Concessional (tax deductible) contributions (employer, salary sacrifice, self-employed) will be capped at $25,000 per annum. However anyone under age 75 regardless of work status will be able to claim tax deductions for personal contributions. 

Tax on the earnings of pre-retirement pensions will rise from zero to 15 per cent. There will be a lifetime limit on non-concessional (after tax) contributions of $500,000 with the tally starting from July 2007. Finally there will be a limit of $1.6 million on retirement pension accounts. 

The last limitation should not affect many people. Also if they have a spouse who is under age 75 they may be able to withdraw some of their super and reinvest it in that person’s account if their balance is below the limit. 

The $500,000 lifetime limit on after tax contributions will affect many people in time. Numerous people make large super contributions, often as a catch-up strategy as they approach retirement, from inheritances or the sale of properties, businesses or shares. 

It will be important for individuals to work out the total amounts they have contributed in this way since 2007, and track it into the future. 

The application of 15 per cent tax on the earnings of existing pre-retirement pensions is a surprise. 

Usually existing accounts are grandfathered. This is another case where adjustments may be made before the legislation is finalised.  

The new superannuation rules will pressure people to start contributing more each year from an earlier age. 

Large last minute catch-up contributions will be restricted. People will swing towards investing more outside superannuation, including in vehicles such as family trusts.