“The idea that planners and other people managing other people’s retirement accounts are taking unnecessary fees and charges really frustrates me,” Shorten says.

“Funds can’t guarantee performance, but they can absolutely control what they charge. If we can put downward pressure on what they charge, then, all things being equal, there will be more money for people’s retirement. So, our reforms are aimed at increasing the back office, improving the efficiency of the back office of superannuation.

“Superannuation hasn’t made too many millionaires amongst the account holders, but it’s made a few millionaires amongst the advisers, and so we do need to wind back some of those unnecessary costs.

“If you imagine superannuation’s the rain in the mountains coming down through the river of financial management to the sea of people’s retirement, I just don’t want people diverting too much of it for their own use on the way from the mountain to the sea. So that’s where reforms are going.”