The next big tax fight has begun. It will make this look silly

Many things can be true at once when it comes to Treasurer Jim Chalmers’ fifth federal budget.

It is true, for example, that the reaction of the Budget’s harshest critics in financial markets – particularly older money managers and advisers who have become fabulously rich off Australia’s boom in mandated savings and a 40-year rise in asset prices – has been overblown.

Load…