The Association of Superannuation Funds of Australia (ASFA) wants Australia’s leaders to stop politicking and make some decisions.

Labor seems to be leaning towards the Government's planned changes to superannuation, which would limit superannuation pension fund balances to $1.6 million.

But with disagreement within the Coalition and only vague indications of support from the Opposition, there are plenty of obstacles left.

“It's time for the political debates to stop. Let's get back to work. Both parties are so close when it comes to superannuation policy,” ASFA chief Pauline Vamos told the ABC.

Former Liberal treasurer Peter Costello unleashed “the biggest reform to superannuation that Australia has even seen”.

The changes included one-off after tax super contributions of $1 million followed by annual after tax limits which currently allow $720,000 to be put in each year.

Possibly Costello’s biggest boon for the rich was the removal of tax on super fund earnings and super fund payments in retirement after the age of 60.

Now that the changes are being wound back, a lot of wealthy people at or near retirement age are becoming concerned.

The Coalition’s plan to limit superannuation pension fund balances to $1.6 million would pay a tax free income of $80,000 if set at an annual return of 5 per cent.

By comparison, a person with a single income of $80,000 a year, two children, a mortgage and the other costs of living, would pay tax of $19,000.

Labor's has a plan for a tax free super of $75,000 a year — which would see the same worker pay $17,500 in tax.

“With term deposits and bank deposits the interest rate begins with a two not a five, so the argument that $1.6 million provides you with retirement instead of the age pension is completely spurious,” ASFA’s Graeme Bottrill said.

“Nine out of 10 are incredibly irate and angry that their retirement plans have been trashed by these changes in the budget and I have no doubt at all there has been a significant effect on voting intentions.”

By far the most contentious of the Government's superannuation plans is a lifetime cap of $500,000 on after tax contributions, which would be backdated to 2007.

Both Labor and a number of Government MPs have raised doubts.

But ASFA's Pauline Vamos says the changes will not affect most people.

“In terms of the $500,000 there's 80,000 people that are impacted, compared to say 3 million people that get the benefit of the low-income rebate,” Ms Vamos told ABC reporters.