Originally published in The Australian Financial Review on September 4, 2012

There are two fiscal elephants in the Gillard government’s cabinet room. The first and better known elephant is the fact that the government’s wafer-thin surplus has been crushed under the weight of a slowdown in revenue forecasts and a speed-up in new spending announcements. The second elephant is that the cost of so-called “self-funded” retirement is not only the biggest, but fastest-growing area of government outlays.

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