“You might see some people who’ve been particularly wealthy putting some money aside in a trust or being able to use super as a tax vehicle,” he told SBS News.

While these are extraordinary cases far removed from the experiences of most young Australians, they do highlight a disparity between such examples and those grappling with skyrocketing living costs and the seemingly unattainable dream of owning a home.

Struggling to own a home despite large super balances

“But the amount they would need to have saved to make a material difference isn’t likely to push the needle much in making it easier to buy a house,” Grant says.

“Allowing more access early could lead to people needing the age pension when they retire.”

How can you quickly grow your super balance?

“Salary sacrificing is another effective tool. It not only reduces taxable income but also helps grow super faster.”

“Avoid early withdrawals and consult a financial adviser to tailor strategies to your specific circumstances.”

Superannuation for the next generation

“How much people need in retirement is a complex issue, but by the time you get there, it’s quite likely you’ll need more money than you think. If you don’t get started early, you may end up being a long way behind.”