Furthermore, the data showed that it is older Australians who are more opposed to increasing taxes on high super balances than their younger counterparts, with 37 per cent aged 60 to 65 opposing it, versus just 16 per cent of 18 to 27-year-olds.

Additionally, one in four (25 per cent) 28 to 43-year-olds are opposed to increasing taxes for super balances over $3 million.

Robert Francis, managing director at eToro Australia, said it is notable that a significant portion of Australians either support the measure or remain neutral.

“This suggests a broad recognition of the need for tax reform, particularly around high super balances,” Francis said.

“For younger Australians who are more in support of this change, the tax may be seen as a step towards greater equity in the retirement system, while older Australians, especially those nearing or in retirement, are more likely to view it as a potential threat to their savings.”

The results of the survey also show that Australians with high monthly incomes are also the most likely to oppose the proposed tax among the income groups surveyed, with 34 per cent of those with a net household income of over $10,500 per month opposing the Division 296 super tax.

Meanwhile, those with an income around $7,600 are more in favour of the tax and more than half (55 per cent) of those with an average household income between $7,500 and $9,000 support it, and 21 per cent of this income group are neutral on the issue.

Katrina Sly, chief operating officer at Spaceship, said that if passed, the impact of Division 296 will vary across age and income groups, but new data suggests Australians aren’t as opposed to it as the public debate may suggest.

“Superannuation is a cornerstone of Australians’ long-term financial wellbeing, and our survey shows that many recognise the need to ensure the system remains fair and sustainable,” Sly said.

“It’s important to note that if the tax is not indexed, then over time, that $3 million threshold will likely become a less outlandish retirement savings figure over the coming decades. I think we’ll see a gradual shift in sentiment over that time unless this figure is adjusted in line with inflation.”

However, the survey also revealed that although many Australians are in favour of or neutral to the government’s proposed $3 million super tax, almost half (49 per cent) do not trust the government to change superannuation policy in their best interest.

It found that trust in the government appears to decline with age, as 58 per cent of Aussies aged 60 to 65 said they do not trust the government to change super policy in their best interest, while 59 per cent of those aged 18 to 20 do trust the government to do so.

“Although many Australians appear comfortable with taxing very high super balances, there may be a trust gap when it comes to broader super reform,” Francis said.

“Trust in government superannuation policy seems linked to life experience, with older Australians more sceptical than younger cohorts. As people approach retirement, the stakes are higher, making transparency and stability in policy even more critical.

“Ensuring Australians are informed empowers them to make decisions that protect and grow their nest egg, regardless of policy changes.”