The country’s two largest superannuation funds privately lobbied Jim Chalmers to tie proposed tax increases on retirement savings accounts with more than $3 million to inflation, warning the treasurer that they were concerned the policy would lead to instability and harm confidence.

Opposition to the removal of long-standing tax concessions for workers and retirees has grown since the federal election, which has created a path for the Albanese government to legislate the changes from July 1.