The $48 billion of annual superannuation tax breaks should be curtailed for the wealthy to make the retirement system more equitable and to help repair the federal budget, the head of the former government’s retirement income review says.

After ruling out super tax increases during the election campaign, Treasurer Jim Chalmers has signalled that tax rises could come on to the agenda as the Albanese Labor government battles cost blowouts on the National Disability Insurance Scheme and spending pressures from interest payments, aged care, health and defence.