"While superannuation should ensure adequate retirement incomes, it should not be seen as an open-ended savings vehicle for wealthy Australians to accumulate large balances in a tax-preferred environment, well in excess of what is required for an adequate retirement."

These were the fighting words from Treasurer Scott Morrison, uttered in November last year at the annual Association of Superannuation Funds of Australia conference. In that speech Mr Morrison went on to suggest that 70 per cent of average earnings - or less than $40,000 a year - was a sound benchmark for "adequacy" in retirement income.

The Treasurer's comments served as a warning to wealthier Australians that they would no longer be able to rely on generous tax breaks to help them save for retirement. Speculation quickly mounted that the Coalition might place a lifetime cap on super contributions, or sharply limit the amount of money Australians can pump into super on an annual basis. Other options included raising the amount of capital gains tax paid by super funds, reducing the income threshold at which the higher 30 per cent contributions tax is levied, or changing the super contributions tax model altogether.

Treasurer Scott Morrison backs down on making significant changes to superannuation taxes.

But that was then.

As of this week, it seems that the Coalition is suddenly far less concerned about the prospect of wealthy Australians being allowed to build significant tax-friendly super pots.