Labor’s new Minister for Industry and Science Tim Ayres has told critics of the government’s super tax policy they can afford to manage the impact on their wealth, as some of Australia’s richest people including Gina Rinehart and Jack Cowin warned it will stymie investment.

People with more than $3 million in superannuation are considering accelerating estate planning, winding up their self-managed funds, giving money to their adult children, and moving assets like farms and offices out of super and into corporate structures before the tax is due to take effect on July 1.