The government has declared its commitment to have the superannuation system provide for people’s comfortable retirement only.

The possible move by the government to impose a cap on superannuation balances has met with opposition from another industry body.

The budget has flagged ongoing high levels of inflation will continue into 2023 and will drive the transfer balance cap up to $1.9 million.

The $3.4 trillion in superannuation accounts across the country is set to play a role in funding initiatives in the Asia-Pacific region.

Treasurer Jim Chalmers has outlined key areas for change in the superannuation sector, but has appeared to contradict one of his colleagues with his comments.

An individual’s declaration the work test has been satisfied is now more significant as it must be made to the ATO and not the super fund.