Jim Chalmers will propose slamming the door shut on early access to retirement savings when he unveils Labor’s long-awaited objective for superannuation on Monday, with the policy to spark renewed calls to scale back generous tax breaks.

Dr Chalmers will announce a consultation on legislating a purpose for Australia’s $3.3 trillion superannuation system, which he says will serve as a “true north” for future changes to retirement income policy.