Having capitulated to Tony Abbott on marriage equality and his dud climate change policy, Malcolm Turnbull is fighting a rearguard action on Abbott’s “5 taxes”.

He appears to have decided that his ‘seniors tax” (superannuation concessions) and his workers tax (a higher tobacco excise) are no longer shibboleths.

But protection from the “wealth tax” (capital gains), housing tax (negative gearing) and “carbon tax” (an ETS) remain sacred cows. He’ll also continue to protect the big end of town when it comes to removing the temporary deficit levy on high income earners.

By a politically expedient sleight of hand he has plugged the dyke on banking scandals by rushing out his new ASIC plan, allowing them to recover funding which should never have been ripped out by his government in the first place.

Frank Carroll