Speaking at the National Press Club in Canberra yesterday about the FSI interim report, Mr Murray said his panel had looked at the superannuation system through the lens of financial stability.
"We believe the existence of a large unleveraged pool of funds played a valuable role during the financial crisis in offsetting the risk of disruption within the leveraged banking system," he said.
"Reflecting this view, the report raises some concerns about the potential for superannuation to become more leveraged in the future. While currently embryonic, growth in leverage may create future vulnerabilities," said Mr Murray.
In addition, he pointed to the FSI's observation that "there is a lack of strong competition on fees [within superannuation] and there is room for improvement".
In relation to fees, Financial Services Council chief executive John Brogden said MySuper has seen a reduction in superannuation fees.
"As the FSI report suggests, MySuper needs more time to demonstrate that it can deliver on its objectives," said Mr Brogden.
"We believe that the Australian superannuation system has returns that are comparable and in most cases better, than equivalent economies," he said.
Responding to Mr Murray's comments on leverage, SMSF Professionals' Association of Australia (SPAA) chief executive Andrea Slattery said the use of gearing by SMSFs is being done "sensibly".
"Most loans made to SMSFs are being made with responsible lending practices. Banks have tighter lending policies and have experienced lower levels of default with this type of credit facility as compared with loans made for other purposes," said Ms Slattery.
SPAA argued there should be "no barriers" to the setting up of an SMSF.
Association of Superannuation Funds of Australia chief executive Pauline Vamos noted the FSI interim report recognises that superannuation has become a "critical part of our economy".
"Superannuation does not just hold the key to future financial freedom for Australians, as a pool of assets, it also helps stabilise financial markets in times of unrest," said Ms Vamos.
The report's focus on post-retirement should be applauded, she added.
"The ability of the superannuation industry, and financial markets more generally, to develop retirement products that protect and provide for retirees thoughout the whole of their life is a key factor to ensuring they are financially provided for in their post-work years," said Ms Vamos.
In the same vein, annuity-provider Challenger's chief executive Brian Benari welcomed the FSI interim report as a "bold and insightful analysis of the shortcomings of the Australian retirement system".
"David Murray is simply telling it like it is. Our retirees are being failed by a system which is denying them what they want – a certain income for a long life in retirement," said Mr Benari.
Challenger chairman for Retirement Income Jeremy Cooper said Mr Murray had been "brutally honest" in laying out the case for reform in the retirement system.
"Challenger supports further debate on policy options spanning the use of tax and/or social security incentives, the inclusion of longevity products in default options, and measures to address the inconsistency between the forced saving and laissez-faire retirement spending phases of superannuation," said Mr Cooper.
