Australia’s $3.3 trillion superannuation industry holds significant political sway in Canberra, with the significant capital at its disposal and industry funds’ cosy relationship with Labor opening the doors of power for the industry’s leaders and lobby groups.

With consultation on Labor’s proposed purpose of superannuation definition open until the end of March, Treasury is bracing for a slew of submissions over the proposed wording that “the objective of superannuation is to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way”.