Cbus chairman and former federal treasurer Wayne Swan has urged the Labor government not to raise mandatory superannuation contributions beyond 12 per cent, arguing super funds have to shift their focus from accumulation to better helping members manage their wealth in retirement.

Swan is the national president of the Labor Party and a mentor of Treasurer Jim Chalmers. His comments likely signal the end of support for a 15 per cent super guarantee, which sets the minimum rate of employer contributions to workers’ retirement savings.