Treasurer Scott Morrison has hailed "considerable progress in implementing our budget program" after the government's superannuation package cleared parliament.
He also ruled out further super tax changes, saying that "at the next election there is only one party that is going to be seeking to tax superannuation more - and that's the Labor Party".
"What is also important in the measures today is of the $40 billion of the government improvement measures as set out, $20 billion or more have been passed in this Parliament in just the past few months.
"We are making considerable progress in implementing our budget program," Mr Morrison told reporters in Canberra.
Attempts by Labor and the Greens to enforce another $1.4 billion in savings failed.
"We have pursued these reforms because they have been very important to retain the integrity and the sustainability of a world-class superannuation system," Mr Morrison said.
The Treasurer put more pressure on Labor to pass the remaining $20 billion of budget savings.
"If those budget measures do not pass the Parliament and the ratings agency then takes the actions that they have clearly warned, then the Labor Party would have inflicted a ratings downgrade on this country."
No more super changes
Mr Morrison was asked to rule out taking any further superannuation tax changes to the next election.
"This is our package," he responded. "This is why we did it holistically and comprehensively.
"Where the system can always be improved for the benefit of superannuants, that's always an objective for a government, but we need the certainty and stability of these measures in place."
What the changes are
Post-tax superannuation contributions plummeted in the third quarter as savers delayed making decisions about their retirement savings because of uncertainty.
Under the changes, the concessional contribution caps will be lowered to $25,000 a year across the board from July 1, 2017.
The non-concessional cap will reduce to $100,000 a year, with a lifetime cap of $1.6 million.
For now the existing caps remain in place, which means people 49 and older can contribute up to $35,000 a year to their super fund from pre-tax dollars. People younger than 49 can contribute up to $30,000 a year to their super fund on a concessional basis.
All super investors can contribute up to $540,000 over three years from post-tax dollars. So the rush is on to get as much as possible into the super environment before the July 1, 2017, deadline.
Small business employees benefit
Financial services minister Kelly O'Dwyer said the changes will benefit those employed by small business who are disadvantaged by the existing system.
"The government, through our measures, has spent about a billion dollars back into the superannuation system to help those Australians stave for their retirement," she said.
