The change enacted by the government during the course of the 2006–07 financial year constitutes the largest overhaul of Australia's retirement saving system since the advent of the compulsory superannuation system in the late 80 and early 90s. This paper surveys the changes. While much of the superannuation system has remained unaltered by these changes, many aspects have been comprehensively altered, especially the taxation of the benefits when paid to the individual. New limits on contributions have also been introduced.