Prime Minster Malcolm Turnbull appears to have left the door open to dropping the most controversial element of his government's $6 billion superannuation package, while pointing out the "vast bulk" of it had been accepted.
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Liberal MPs are expected to raise their concerns about the proposed $500,000 non-concessional lifetime cap on contributions, which is the most controversial element of the package, during a party room meeting on Monday that comes after a wipe-out result for the Country Liberal Party in the Northern Territory.
Mr Turnbull said the super package had, overall, been "very well received" and criticised Mr Shorten's decision to hold back details of Labor's alternate proposal – which also includes blocking three other measures in the package and lowering the income threshold at which point a 30 per cent tax on a person's super would apply – until after the election.
"It's about a $6 billion package. The only area of controversy relates to the $500,000 non-concessional lifetime cap, which is around $500 million of that $6 billion. So the vast bulk is broadly accepted, and we have won the arguments on that in a very complex area. It's a great tribute to Kelly O'Dwyer and Scott Morrison for doing that," he told the ABC's Insiders.
"What we have done with super, yes, people on higher incomes will pay some more super, yes, people with very large balances will pay some more tax but we are making it fairer for women, self-employed people, independent contractors and older Australians, and Mr Shorten stands in the way of those reforms."
One Liberal MP concerned about the $500,000 non-concessional lifetime cap said that while the ministry may be hoping it would not be discussed on Monday, "it will come up".
"I'd be amazed if it doesn't come up, there is still concern about it."
Opposition leader Bill Shorten said the NT result should serve as a wake-up call for the federal government that "disunity is death".
As Parliament resumes, he will keep up pressure on Mr Turnbull over the proposed same-sex marriage plebiscite and over his push for a banking royal commission and will meet the victims of bank rip-offs in Canberra this week.
In a letter to Mr Turnbull obtained by Fairfax Media, Mr Shorten asked the Prime Minister to join him so he can explain "why you think a royal commission into the banking and financial sector is unnecessary and would, in your words, 'delay justice for those who urgently need it'."
"We need to restore trust in our banking and financial system. Your piecemeal approach is doing the exact opposite."
The government is weighing the introduction of a banking tribunal to hear grievances, rather than a royal commission.
The superannuation package is not expected to be released week, and discussions will continue between the backbench and Treasurer Scott Morrison.
Mr Morrison has undertaken broad consultation with members of the Coalition backbench, who have been pushing for the cap to be raised to $750,000 but remain backdated to 2007, while opposition leader Bill Shorten proposed last week that the cap remain at $500,000 but be made prospective.
Both of these changes would cut into the $500 million the measure is designed to raise, but a hostile Senate may force the government's hand.
Mr Turnbull, who clearly signalled he would not be distracted by issues such as changing section 18C of the Racial Discrimination Act, said his priority in the new Parliament was to reduce the budget deficit over time.
"One way or another, at the end of this 45th Parliament, I want Australians to be able to say that this Parliament, which they elected, has come to terms with the budgetary challenge we face."
The government's so-called omnibus savings bill, worth $6.5 billion, and its company tax cut plan are expected to be presented to Parliament this week, as are a trio of industrial relations bills.
