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Read more about the world’s super-wealthy, including how much it costs and how much they can afford to spend.
“They’re very selective about what they buy,” Ms Rinehart said.
“You can’t buy a new phone, you can’t get a new car, and you can only buy a home if you are a super-royalty holder.”
The problem for super-income earners is that they often get the lowest prices on all sorts of goods, including household goods like clothes and appliances.
This has prompted some commentators to warn that the super funds are getting richer faster than everyone else and that the wealth gap between them and everyone else could be closing by 2030.
“What the super fund has done is create a bubble that’s going to burst, and then it’s going be incredibly difficult for them to come out of it,” Ms Gillard said.
Ms Rinahart said the super wealth of Australians was “a lot larger than what you see out of New York City”.
“If we are going to close the gap, we have to change the way we think about it,” she said.