Treasurer Joe Hockey is sceptical of Labor's attempt to tackle the superannuation tax concessions of wealthy retirees, accusing it of making a "mess of it" in government.
Opposition Leader Bill Shorten has unveiled a suite of changes to the way super is taxed that would add around $14 billion to the budget bottom line over a decade.
In response, Mr Hockey said he was prepared to look at the detail of Labor's proposal even though the "proper process" was the government's tax white paper.
"Mr Shorten is making it up as he goes along," he told reporters in Melbourne on Wednesday.
Labor wants to impose a 15 per cent tax on the superannuation accounts of retired Australians who earn more than $75,000 in a year, ending their tax-free status.
This is lower than the $100,000 proposed by Labor when it was in government.
"The budget has deteriorated remarkably under Joe Hockey's watch, so we've had to consider measures that went further than previously," shadow treasurer Chris Bowen told the National Press Club.
Labor also wants to reduce the income threshold for the 30 per cent high-income superannuation charge from $300,000 to $250,000.
Based on Parliamentary Budget Office's costings, 110,000 people would be affected by dropping the threshold.
Almost 70,000 retirees would be hit by the earnings tax on superannuation and removing the 10 per cent tax concession on defined benefits over $75,000 a year.
Mr Shorten believes the changes strike a balance between "putting some speed limits on the out-of-control concession system at the top end" and ensuring certainty.
The superannuation industry welcomed the policy announcement but said any changes should be considered as part of the broader tax discussion initiated by the government.
Superannuation should be above politics and any changes needed wide public support, Association of Superannuation Funds of Australia chief executive Pauline Vamos said.
Mr Bowen said a Labor government would lift compulsory superannuation contributions to 12 per cent, but is waiting for the May 12 budget before announcing a specific timetable.
"We want to see Australians get to a 12 per cent ... more quickly than the government's disgracefully slow timetable (of 2025)," he said.
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