Australia's superannuation savings helped prevent more serious fallout from the global financial crisis (GFC), according to Commonwealth Bank of Australia director Andrew Mohl.
"Superannuation's role has been underplayed. It was a powerful vehicle by Australia for warding off the GFC," Mohl told an Institute of Actuaries conference in Sydney this week.
"So much of our money has been securitised and the statistics on capital raisings by companies have been much larger due to superannuation."
However, he expressed some concern that reviews, such as the Cooper superannuation system review and the Henry tax review, could stifle corporate Australia.
"Only time will tell, but the series of reviews going on in the sector will ultimately lead to policy change and this could have a significant effect on opportunities and closing down opportunities," he said.
Macqaurie Bank director Peter Warne said despite such reservations, the world's financial industry would see enhanced regulation on a broad range of liquidity proposals and executive remuneration.
"However, all these issues need to be global and coordinated. The challenge is that it is done in a uniform way or else we will achieve nothing," Warne told the conference.
Mohl said there could still be risks coming from having a global approach.
"We are part of the system, but it's also a risk as we may be getting solutions to problems that are only present in other jurisdictions," he said.
Australia's endowment system, strong fiscal position and the current regulation of the banking system had put Australia in a strong position, he said.
"We have weathered the storm well and this gives us good opportunities going forward," he said.
