Two of Australia’s biggest industry super funds have called on the Albanese government to spend some of the $2 billion it generates from taxing earnings on fund balances over $3 million at 30 per cent on closing the gender gap in retirement savings.

The prime minister announced on Tuesday that Labor will tax earnings from superannuation balances over $3 million at 30 per cent, up from 15 per cent, in a move it says will affect just 0.5 per cent of super fund members.