In politics, the victors are not always those who believe they have won.

Take Treasurer Jim Chalmers's decision this week to capitulate on two key demands from a small but vocal and extremely rich and powerful lobby on superannuation.

After two years of doggedly refusing to reshape his superannuation shake-up, the treasurer raised the white flag, abandoning the controversial idea of taxing unrealised gains, while agreeing to index a key tax threshold.

For many in the industry, it was an unexpected victory.

But amidst all the jubilation, a key reality appears to have been overlooked; they have been punching it out over the details, not the principle.

How Labor's super tax proposal is changing

Every prominent criticism of the tax has been addressed, with the result that it will apply t

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