He outlined the government’s three-part super agenda including firstly, “nailing down the objective” of superannuation reinforcing that there is currently a consultation process in place and encouraged industry feedback.

“Secondly, we want to try and make the tax concessions in superannuation a bit more sustainable, not by eliminating those tax concessions, but by making them a little bit less generous for people who have balances of more than $3 million,” he said.

“Making those tax concessions more affordable, more sustainable. It’s a modest change but it’s a meaningful change, I think when you consider the structural position of the budget.”

Finally, Dr Chalmers said the government is aiming to maximise super investment opportunities, “particularly in areas where we know we have big advantages” such as energy transition, social and affordable housing, and data or digital technology growth.

“All of these vast opportunities in our economy, there are big chances for superannuation to get the kind of returns for your members that we all want to see,” he said.

Dr Chalmers also said that despite inflation looking like it peaked in December 2022, the cost of living crisis will continue to affect millions of Australians.

“As well as being optimistic. I’m also realistic about some of the difficulties that we’ll need to navigate together over the course of the next year or two,” he said.

“Interest rate rises are really tightening the screws on a lot of families and small businesses right around the country. Combine that with a fair bit of global uncertainty that we’re seeing right now whether it’s in the financial system, or in the major economies around the world and you can see why Treasury, the Reserve Bank and others, including a number of you in the room there, are expecting our economy to slow considerably through the course of the next little while.”