The survey also found that only one in five people expected a reduction in tax concessions for people with more than $3 million in superannuation to impact their income, and only 6 per cent of this group expected a major impact.

People over the age of 50 were the most likely to expect no impact, while people aged between 18 to 34 were the most unsure about what impact this may have on them.

The survey also revealed that half of Australian voters believed that the government collecting an extra $2.7 billion per year by reducing tax concessions for people with more than $3 million in superannuation would make no difference to who they vote for. Just under 20 per cent expected this to make them more likely to vote for Labor at the next election.

People aged 18 to 34 showed the highest likelihood to vote Labor at the next election off the back of this change, while people in South Australia and Coalition voters showed the strongest scores of being less likely to support Labor at the next election based on this proposal.

The poll also found that nearly three in four (72 per cent) Australian voters believed the main purpose of Australia’s superannuation system is to fund their retirement. Over half (53 per cent) believe that it was also there to reduce the reliance on the aged pension.

People aged 18 to 24 showed a higher likelihood to believe Australia’s superannuation system was there to create an inheritance for dependents (34 per cent) and to reduce the amount of tax paid on their income (21 per cent).

Australia Institute executive director Richard Denniss said the results of the poll are “not surprising” considering most people are well below the $3 million threshold.

“Despite this, people tend to overestimate the likelihood they will be affected by the change,” he said.

“The reality is only one in 200 have super balances above the level that attracts the higher tax rate.”

He added it was interesting that independent voters were the most supportive of Labor’s proposal.

“The polling suggests that, overall, the policy is a net vote-winner for Labor, especially among the young.”

“Yet after an election where record numbers of young people and women turned away from the Liberal Party, the opposition is choosing to make a big fuss about an issue that overwhelmingly affects older, wealthy men. An interesting choice by its newish leader, Sussan Ley.”

The results of the poll, he said, indicated that most people seemed to understand that superannuation was meant to help people have a dignified retirement, not to provide a tax avoidance tool for wealthy people looking to pass on money to their children.