Prime Minister Malcolm Turnbull has accused Opposition Leader Bill Shorten of launching a superannuation scare campaign.

Mr Shorten asked his counterpart in parliamentary question time on Wednesday, why his government was cutting part pensions instead of reducing superannuation concessions for high income earners.

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“The leader of the opposition seems to have given up on his scare campaign on penalty rates,” Mr Turnbull responded with.

“(He) now seems to want to launch a new assault on superannuation.”

Mr Turnbull told parliament the government would consider Labor proposals on superannuation, reversing the stance of his predecessor Tony Abbott.

And Treasurer Scott Morrison – answering a question from his opposite number Chris Bowen – backed up those claims.

“What the Australian people can be confident about is the coalition’s record when it comes to superannuation – we know that it’s their money,” he said.