Independent Retirees of Albury Wodonga member Ken Curnow said group members were at the lower end of earners, not “high fliers”, but still relied on incomes from banks and interest rates which had been targeted.

“We are dependent on equities and equities are of course under stress at the moment,” he said.

“We have to preserve what we have and try to maintain some stability in our incomes, which is becoming increasingly difficult.”

Treasurer Scott Morrison announced rich retirees could no longer draw tax-free earnings from balances higher than $1.6 million.

“We will close off generous superannuation tax concessions for Australia’s most wealthy and better target these tax concessions to hard-working Australians saving and investing for their retirement,” he said.