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Dynamics of the Australian Superannuation System

The next 20 years to 2043

In this eleventh edition of Deloitte’s Dynamics of the Australian Superannuation System, we discuss the frenetic pace of change in the Australian superannuation industry. The Your Future, Your Super initiatives and increased trustee focus on Members’ Best Financial Interests and the Retirement Income Covenant will continue to encourage rationalisation within the industry. In addition, we are seeing an increasing shift from employer-driven superannuation to being focused at the individual member level.

Within this report, we have considered what the superannuation industry should expect in the next 20 years regarding the:

  • The size of the superannuation assets
  • Changes in market share of different sectors
  • Shifting demographics and longevity in an ageing population
  • The dominance of superannuation assets relative to GDP and in domestic asset allocations (such as the Australian share market)

The dynamics of the retirement income system will continue to shift over the coming decades. In the next few years, superannuation funds will be focused on ongoing merger activity, improving operational efficiencies and strengthening retirement strategies and product solutions. As the industry matures and more people retire, major super funds are expected to establish retirement solutions as a separate business segment, focused on specialised administration, financial advice, and product structures tailored to members’ retirement needs.

We trust you will find this report useful and thought provoking and we look forward to discussing it with you as you consider the superannuation industry, your own needs and objectives, member outcomes, and the implications of our projections. We are available to present our findings and strategic perspective to executive teams and Boards.

If you would like to obtain more detailed information on the market projections set out in this report to inform your business planning, we would be happy to discuss how we can support you.

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