“We’ve been able to secure those changes through the Senate, through the 45th Parliament, which many people said we would not be able to work with. We have been able to do that in a relatively few weeks between the election and the end of the year,” he said.

The prime minister also emphasised the importance of enshrining the objective of superannuation in legislation.

“This is a clear, simple objective that will restore confidence in the system and guide decisions about super for generations to come,” he said.

“It is also clear that governance standards must apply consistently to all sectors of the superannuation industry, whether retail, corporate or industry funds.”