The Australian Institute of Superannuation Trustees (AIST) and Mercer are collaborating to develop an industry tool to benchmark the performance of the Australian superannuation system.
According to the two organisations, the AIST-Mercer Super Tracker will provide a method of measuring the costs and benefits of the superannuation system including the ability to see how potential changes will affect the system.
AIST chief executive Tom Garcia said the tracker tool will monitor the super gender gap, the overall adequacy of super as well as the fairness of government support in the super system across various income levels.
Mr Garcia said the tracker will be an important tool for the industry to ensure transparency and fairness underpin the Australian super system.
“Ultimately we want to make sure the system is working in the best interests for members,” he said.
The tracker, he said, will allow for more evidence-based decision-making and allow stakeholders to see the effect that policy changes have on the overall costs of the superannuation system for the government.
“It is extremely important that any government decisions which will affect superannuation are evidence-based, and the AIST-Mercer Super Tracker will help with providing this evidence,” said Mr Garcia.
Mercer senior actuary David Knox said recent inquiries into superannuation reiterate the need for an evidence-based evaluation.
“We’ve had the Financial System Inquiry Final Report, now we’re waiting for the review of the tax system – it’s a crucial time to be making evidence-based decisions and the AIST-Mercer Super Tracker will facilitate this,” said Mr Knox.
“This is an important start to tracking the costs and benefits of the Australian superannuation system and we will be encouraging feedback from the community.”