Treasurer Jim Chalmers has opened the door for changes to superannuation tax concessions.

Speaking on Monday, he said Australia is on track to spend more on super tax concessions by 2050 than is spent on the aged pension and hinted changes could be made to those concessions.

Economic Policy Program Director at the Grattan Institute, Brendan Coates, says he doesn’t “think the existing system is sustainable”.

“We estimate that these tax breaks are going to cost more than the aged pension by something like 2035. At the same we’ve got big spending pressures on health, aged care, disability, defence,” he told Neil Mitchell.

“We think they need to scale back these concessions pretty substantially.”

Press PLAY below to hear how superannuation tax concessions are likely to change + what it’ll mean for you