Anthony Albanese has reined in expectations about tax reform proposals from the upcoming economic summit, saying Labor will only legislate its election commitments in this term of parliament.

The treasurer, Jim Chalmers, will convene the three-day economic reform roundtable at Parliament House on 19 August, prompting a slew of proposals to government for changes to the GST, capital gains tax concessions and superannuation taxes.

But Albanese on Thursday indicated any new proposals would only be considered after the next election, due by May 2028.

“Governments make government policy,” he said in Melbourne.

“The only tax policy that we’re implementing is the one that we took to the election.”

Labor will legislate top-up income tax cuts announced in the March budget, and is chasing a deal with the Greens to wind back tax concessions for superannuation accounts with balances of $3m or more.

The Greens support the plan but want the threshold lowered to $2m.

This week the ACTU called on Labor to wind back negative gearing and CGT concessions for property investment. On Thursday the Australian Council of Social Service (Acoss) called for a halving of the capital gains tax discount, a 15% tax on superannuation retirement accounts and a commonwealth royalty payment for offshore gas.

Separately, the teal independent Kate Chaney has proposed lifting the GST rate from 10% to 15%.

Chaney, the MP for Curtin in Western Australia, proposed food, education and health be added to the GST.

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To mitigate the impact on those with lower incomes, all Australians aged 18 and older would be given a $3,300 rebate – meaning they would effectively pay no GST on the first $22,000 of their annual expenses.

While the GST-free threshold would cost Australia $68.8bn, increasing the tax and removing exemptions for certain categories would raise $92.7bn, adding $23.8bn to the commonwealth’s budget.

“The major parties like to talk about tax cuts and spending but they’re less willing to discuss where the money will come from,” Chaney said. “We have to have courageous conversations about other revenue sources to avoid handballing this problem to future generations.”

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Day three of the summit will discuss budget sustainability and tax reform, and include presentations by the Treasury secretary, Jenny Wilkinson, and tax experts including Grattan Institute boss Aruna Sathanapally.

The shadow finance minister, James Paterson, said he was concerned two-thirds of revenue generated by Chaney’s proposal would be used to compensate Australians for the tax it collects.

He warned against taxes on spending in areas carved out of the GST when it was introduced more than two decades ago such as education and health.

“The Howard government recognised that people who spend their money on private health or private education are actually taking a burden off the public purse and therefore it would be unjust to tax them on top of that,” he told Sky News.

It would be an “incredibly brave government” that put a tax on top of insurance and private education fees, Paterson said.

Albanese and Chalmers have previously ruled out broadening the GST or lifting the rate.

This week Albanese said proposals from the summit would be considered by the cabinet. Chalmers agreed, saying that was “a statement of the obvious”.