Jan Crosby, the head of housing at KPMG, said: "These figures make for frightening reading and show that housing affordability is no longer just a problem for lower wage earners.
OK, so that suggests Obama won't accept a deal that fails to raise taxes on upper income – $250,000 and above – earners.
'I've got the pen': Obama urges passage of legislation to extend middle income tax cuts, and promises to authorise it immediately The White House confirmed that Obama would be prepared to veto any legislation that maintained the Bush-era tax cuts on upper income earners.
The scheme was used by several other celebrities, 450 City fund managers and other high earners.
The increase in the income tax for those earning over $180,000 (that is the top 3% of income earners) is expected to raise $3.1bn over the next four years.
"The Abbott government refusal to address a high-growth tax concession that largely benefits high income earners is nothing more than a continuation of its unfair budget strategy to target low- and middle-income Australians," Bowen said.
The prime minister has framed superannuation policy as a clear point of difference between the Coalition and Labor in the lead-up to the next election, with the opposition proposing to scale back generous tax concessions for high income earners.
Related: Belt up, fellow Australians: we're in for another Big Stupid tax debate Calls for action grew after the Financial System Inquiry, headed by former Commonwealth Bank chief David Murray, found the majority of superannuation tax concessions accrued to the top 20% of income earners.
Four days after Eoin Morgan and the England and Wales Cricket Board were subject to a bizarre extortion attempt in Tasmania, Stuart Broad found himself in the eye of a social media storm when tweeting: "I've heard if you earn minimum wage in England you're in the top 10% earners in the world.
It suggests the scheme as currently designed will hurt second earners most.
Related: The Observer view on London's wealth gap According to the SMF report, the 26 to 35-year-old group has suffered a 36% drop in savings since 2005 – from a median £461 to £296 – while the top 20% of earners "are far more financially secure today than going into the downturn".
