The nation's superannuation nest egg has swollen to more than $3.4 trillion, making it one of the largest accumulations of retirement savings in the world.
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As the political battle over the federal government's superannuation tax concession changes continued, the Australian Bureau of Statistics released figures showing that the funds under management by super funds grew by $99.5 billion in the December quarter.
The 3 per cent increase was underpinned by a rebound in share and bond markets late last year which pushed the value of both classes of assets up by more than 7 per cent each.
The healthy result followed a lean nine months when super funds mostly lost ground, including a sharp 4.4 per cent decline in the June quarter.
![Finance Minister Katy Gallagher. Picture by Keegan Carroll Finance Minister Katy Gallagher. Picture by Keegan Carroll](/images/transform/v1/crop/frm/202296158/c6926923-01a8-47c5-b5af-2752b7374e4e.jpg/r0_256_5000_3078_w1200_h678_fmax.jpg)
The results came as the government and the opposition continued to trade blows over the decision to set a $3 million threshold on access to the 15 per cent tax concession on earnings from super.
The Coalition has accused the government of being tricky by planning to legislate the super tax changes during this parliament to come into effect after the next election, in mid-2025.
But Finance Minister Katy Gallagher said it was the government's prerogative to legislate its policy decision and if the Coalition came to office and wanted to change the arrangement they would have to repeal the legislation.
"It's normal practice for a government that has made a decision that requires legislation to then legislate and make it clear that that is the government policy and we intend on implementing it," Senator Gallagher said.
But Deputy Opposition Leader Sussan Ley said the government had broken trust with the electorate over its super tax plan.
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"[Voters] can't trust a treasurer and a prime minister...around something as fundamental as your savings," Ms Ley said.
"Why didn't [they] take this to the 2022 election?" she said.
"There was this breathtaking silence before the last election, only to have this muddle of bound and broken promises since. And that's the problem. Australians will not trust this government."