“And because they are not indexed, they set a tax trap which will capture more and more people in the future.”

The Financial Services Council estimates that up to half a million Australians aged in their 20s and 30s could be impacted by the changes by the time they retire, while CA ANZ forecasts that a current 25-year-old young professional earning $95,000 per year will be $90,000 worse off in retirement as a result of the changes.

CA ANZ superannuation and financial services leader, Tony Negline, said these changes will unfairly impact people who are in, or approaching retirement, while also being a tax trap for young players.

“We are urging parliamentarians to either pause, reject or amend this legislation – because it would be unjust to pass the Bill in its current version,” he said.

Mr Negline highlighted numerous recent changes to superannuation rules, encompassing restrictions on investment amounts, the $1.6 million limit for after-tax contributions, and the introduction of a threshold mandating a 30 per cent tax, instead of the usual 15 per cent, for individuals earning over $250,000.

“It is our duty to make sure that amendments to legislation are fair and balanced – and these latest amendments deeply concern us,” Mr Negline said.