Jim Chalmers has dampened expectations Labor will raise the superannuation guarantee to 15 per cent, after the architects of Australia’s $3.3 trillion superannuation system, Paul Keating and Bill Kelty, abandoned the idea.

In an exclusive interview with The Australian Financial Review, the former prime minister and ACTU secretary said their original target of 15 per cent compulsory super contributions “had run its race”, and they would no longer pursue it.