However, he noted that dropping it from the schedule is a sure sign that cabinet knows it does not have the numbers to safely pass the legislation as it stands.

"It’s a sure sign the government knows they don’t have the numbers in the Senate to pass this bill. It was clear from my discussions with Senate crossbench members earlier in the week that their concerns with this legislation run deep," Burgess said.

"Given the unusual design of this tax and the system constraints of some of the large funds, there is no 'quick fix' to the issue of taxing unrealised capital gains which is the primary concern of the Senate crossbench. There is still a mountain to climb but it could also be a sign they [the government] haven’t yet given up on getting the legislation passed."

Earlier this week, it was revealed the government had been trying to force the crossbench into a corner to vote for the controversial legislation by pairing it with a populist measure regarding credit card surcharges.

Burgess said the government indicated that if the crossbench did not vote for the superannuation bill as it now stands, the surcharge measures would not be implemented.

“The crossbenchers we have spoken with said they won’t support it, but there are a couple that we are concerned may vote with the government,” he said.

“As far as we know, Senator David Pocock will not vote for it and we are at this stage still confident that the crossbench won’t vote for it.”

Burgess added it is a positive sign that the crossbench is holding firm and that the efforts of the industry are galvanising the views of the senators.

“The wait goes on. This bill has been deferred a few times now but it is pleasing to see that the crossbench is holding its ground,” he said.