The opposition has vowed to fight changes to superannuation taxes for multi-millionaires, despite admitting there probably isn't much sympathy for them.
The government will move to legislate a higher concessional tax rate of 30 per cent compared with the current 15 per cent for earnings on super balances above $3 million.
But the changes won't come into effect until mid-2025, with Labor insisting it hasn't broken its election promise not to touch superannuation because the policy won't come in until after the next federal election.
Opposition finance spokeswoman Jane Hume admitted "there is not a lot of sympathy out there for people with balances of more than $3 million", but questioned the government's figure of 80,000 people being affected.
"How many people will it capture in two years' time?" she posited on Nine's Today Show.
"Who will fall into the net in five years, 10 years, 20 years because that $3 million hasn't been indexed?"
The opposition leader and shadow treasurer have branded the changes an attack on aspirational, middle-class Australians.
Deputy Liberal Leader Susan Ley said: "Those people in the outer suburbs will not be impressed by ... the broken election promise from this government and pointing straight to higher taxes."
But Ms Ley wouldn't bite on whether those with more than $3 million in their superannuation accounts were doing it tough as the cost of living rises.
"I'm not here to say who's doing it tough and who's not doing it tough," she told ABC Radio.
"Australians deserve to keep more of the money they earn, and the aspiration of Australians is something that we support in the Liberal Party.
"I come back to my main point, this is breaking faith with the Australian people."
The opposition is calling for more clarity on how many public servants on the older defined benefits schemes would be impacted by the changes, with the treasurer saying he plans to include them in the new rules as well.
They also vowed to repeal the legislation if they come to power.
Finance Minister Katy Gallagher defended banking the billions the tax changes would raise instead of putting it towards making the super system more equitable for women.
"One of the big issues around super is the fact that women earn less, and so closing the gender pay gap is a really important part of that," she told ABC Radio.
"But the reality is we've got a $50 billion structural deficit. The pressures on the budget aren't easing, they're intensifying."
Senator Gallagher also defended legislating the changes this term as opposed to after the election, which would make it harder for an incoming coalition government to stop the tax hike.
"It's normal practice for a government that's made a decision that requires legislation to then legislate," she said.
Treasurer Jim Chalmers said the $3 million mark struck the right balance.
Prime Minister Anthony Albanese has tried to wedge the coalition, questioning why it would choose to "stand up for the individual with over $400 million in their account, and the 17 people who have over $100 million".
