Representatives from Monash University and the Commonwealth Scientific and Industrial Research Organisation (CSIRO) held a conference with a small group of academics, government and superannuation industry executives to discuss the need for a research alliance into superannuation.
The conference, held late last week, involved discussions around a collaborative effort focused on two aspects: superannuation funds and the economy, and the relationship between individuals aged 60-plus and the economy.
Under the issue of superannuation funds and the economy, Monash and the CSIRO said the “national challenge” is how to facilitate investment by superannuation funds areas of the new economy, innovation and productivity, and in infrastructure, by creating investment/asset markets that operate efficiently and effectively.
The challenge under the second aspect is how to create “work/life/health choices and financial products” that deliver optimum lifecycle outcomes for those aged 60-plus as well as their dependents, superannuation funds and the economy.
At the meeting, Association of Superannuation Funds of Australia (ASFA) chief executive Pauline Vamos spoke of the importance of superannuation to the national economy.
Vamos was unavailable for comment by InvestorDaily’s deadline.
On Friday, ASFA released a discussion paper on the matter, stating the establishment of a research alliance is “timely”.
“We understand that there is increased interest among policy makers, consumers and academics on the impact of superannuation. ASFA welcomes this interest. Superannuation is of interest to all Australians and we all have a role to play in understanding the impacts that superannuation can have,” the paper said.
“We look forward to working with the initiative on a range of future research projects.”
In the paper, ASFA said it is working on three key policy areas: fixed interest investments, infrastructure and investing in growth assets.
“ASFA’s focus is on identifying impediments to investment for superannuation funds that are preventing the maximisation of benefits to superannuation fund members and the Australian economy,” the paper said.
In terms of the retirement income, ASFA said it is continue policy working around the sector.
“While ASFA is continuing work around the policy setting for retirement income products, ASFA also understands that ageing is a multi-dimensional issue,” the association said.
“Financial products are just one part of what is a complex, global challenge that will shape economies and societies over coming years.
“ASFA has begun work to understand the different dimensions of ageing. One dimension is to understand that as people age they spend differently.”
