SYDNEY: A superannuation system that delivers a stronger economy and world-class retirement outcomes for all Australians should emerge from the Review of the Retirement Income System announced today by the Federal Government, according to the Australian Investment Council.
“Our super system is the foundation of the Australian economy today, and we must do everything we can to ensure that the system continues to evolve and support all Australians in retirement in the best way possible,” said the Council’s Chief Executive, Yasser El-Ansary.
“Today marks a big step forward in mapping out the role that the super system plays in retirement, and I’m confident that this review will help to identify how we can continue to improve the sophistication of our system in years to come,” he added.
“We know that there are certain design features of our existing superannuation system that will likely present significant challenges in years to come. Advancements in health and wellbeing, and medical care, are enabling Australians to live longer with a higher quality of life. We have to take account of these macro changes and ensure that we have the right policy settings in place to encourage more people to adequately provide for their retirement,” said Mr El-Ansary.
“Private capital investment plays a major role in delivering above-market investment returns to superannuation fund members, which is essential in enabling super funds to provide a growing pool of compulsory retirement savings for all Australians. As our super system continues to grow and evolve, I expect that funds will incrementally increase their investment allocations to private capital to help create the future we want for all Australians in decades to come,” according to Mr El-Ansary.
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About the Australian Investment Council
The Australian Investment Council is the voice of private capital in Australia. Private capital investment has played a central role in the growth and expansion of hundreds of businesses, which when combined represents a multi-billion dollar contribution to the Australian economy. Our members are the standard-bearers of professional investment and include: private equity, venture capital and private credit funds, alongside institutional investors such as superannuation and sovereign wealth funds, as well as leading financial, legal and operational advisers.