Superannuation played a vital role in helping Australia weather the financial crisis, according to new research commissioned by the Association of Superannuation Funds of Australia (ASFA).
The research conducted by Allen Consulting Group revealed gross domestic product would have been 1.8 per cent lower in June 2008 without the superannuation system.
It also estimated that without superannuation, investment would have been $14 billion, or 4.5 per cent, lower than it was in 2008 ($312 billion).
On a per capita basis, without superannuation, individuals on average would have been worse off in 2008 by around $930 a year or almost $2400 per household.
"The research clearly highlights that superannuation is now fundamental to the overall prosperity of Australia . superannuation amounts to an almost permanent economic stimulus package," ASFA chief executive Pauline Vamos said.
Vamos said that as a result, further concessional taxation of superannuation should not be seen as a budget liability by policy makers.
"The research demonstrates that superannuation generates more than $15 billion a year in taxation revenues and reduced expenditure on the age pension," she said.
"Tax concessions must not be assessed in isolation; they should be viewed as the most efficient and cost-effective vehicle for delivering dignified retirement incomes with an ageing population, supporting retirees who can continue to be high-level, happy consumers."
