“Our current superannuation system was built in 1992; life expectancy at that time was in the 70s – around 72, 77, depending on what measure you use. Today, we are looking at life expectancy into the future of 90 to 96,” Mr Hockey said.

“The question is, should super be a more flexible product for people if they’re going to live a lot longer?

“We’re open to proposals, but if the overwhelming view of the community is, ‘no, let’s quarantine super for retirement savings’, we accept that.”

Mr Hockey also pushed for further debate on his proposal to open up superannuation to first home buyers, which has so far received widespread condemnation from the superannuation industry.

“Can I just say this again in relation to super for first home owners: if the community resolves that the superannuation system is to be used only for retirement purposes, so be it,” he said.