The federal government has eased concerns it was about to plunder the superannuation savings system to help plug financial holes in the budget.
But there's a good chance Treasurer Chris Bowen could target tobacco smokers when he and Finance Minister Penny Wong release Labor's economic update statement on Thursday or Friday.
Mr Bowen has promised Labor will impose a five-year freeze on any further super changes to underpin confidence in the $1.6 trillion system if it wins the election, which could be held in September.
He recognised there was a perception that governments were constantly tinkering with super arrangements.
The size and scope of the tax concessions mean super would always draw the attentions of Treasury and Finance when governments are looking for potential revenue measures.
News that makes sense
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
"To be equally frank, governments of both persuasions will always have some temptation to take them," Mr Bowen told the Financial Services Council's annual conference in Brisbane on Wednesday.
Shadow assistant treasurer Mathias Cormann said Mr Rudd made a similar promise before the 2007 election but broke it when the Labor government's first budget was handed down.
The coalition has given Australians an "iron-clad" commitment it won't make any "unexpected negative changes" to super, if it wins government.
But it will delay by two years Labor's plan to lift the compulsory super guarantee to 12 per cent.
"I'll make this prediction now - we will never get to 12 per cent under the coalition," Mr Bowen said.
The super industry's reaction to Labor's five-year moratorium promise was mixed, with the Institute of Chartered Accountants Australia likening it to a "straitjacket" although the Australian Institute of Superannuation Trustees was pleased.
Mr Bowen confirmed the economic update would be released in the "not too distant future".
It's likely to contain downgrades to revenue and growth forecasts, and outline the cost of new policies - like the Papua New Guinea asylum seeker plan - and new government savings.
Prime Minister Kevin Rudd and Mr Bowen have both hinted an increase in tobacco tax is on the cards, and pointed to the cost of treating smoking related illnesses.
"We need to consider measures to both fund cancer initiatives and to discourage people from smoking into the future, particularly younger people," Mr Bowen said.
Anti-smoking groups agree taxing tobacco is an effective preventative measure.
Shadow treasurer Joe Hockey said Mr Rudd was hitting people with higher taxes and dressing it up to look like a health initiative.
Meanwhile, the government appears to be hoping its "responsible" plan to bring the budget back to surplus, while supporting jobs and growth, will get a boost from monetary policy.
Reserve Bank of Australia (RBA) Governor Glenn Stevens has opened the way for an interest rate cut when the central bank board meets on Tuesday.
If the government calls the election before Monday, Labor's campaign could get some uplift if borrowing rates fall by 25 basis points.
"An election announcement by Mr Rudd, followed by more action from the RBA, would be heartily received by business community and consumers," John Kolenda, managing director of mortgage broker 1300HomeLoan said.
The Seven Network has reported that the Rudd government will announce the tax hike on cigarettes on Thursday, and it will raise more than $5 billion over four years.
