Labor’s controversial tax hike on $3 million superannuation balances might fall short of the government’s revenue targets and could force the early retirement of high-skilled workers, as economists warn the policy undercuts Treasurer Jim Chalmers’ productivity agenda.

The warning comes as the Productivity Commission opens consultation on Monday into whether Australia’s 30 per cent company tax rate should be lowered to drive higher productivity, highlighting a growing debate over whether current tax settings are hindering economic growth.