If you are under pension age (65 for men 63.5 for women) super is an excluded asset as long as it is in accumulation mode.
Once you turn pension age you accumulation super becomes a financial asset. (an asset as well as deemed for income purposes)
Once converted to pension mode regardless of age the asset value is an asset.
The income is complicated. The annual pension amount less the purchase price price of the pension divided by your life expectancy at time of commencement becomes assessable. ie $400,000 super converted to pension. As per Centreling tables lets say life expectancy was 20 years. $400,000 divided by 20 so $20,000 per annum would be exempted income. So as long as you took less than $20k per annum pension no assessable income.
As to what Labor party might do, very hard to speculate.
