'The envy of the world': Australia’s retirees are set to become some of the wealthiest
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Planning for retirement is a lifelong journey, and for Australians, it may come with a surprising advantage.
New research suggests the nation’s retirement savings could soon reach record-breaking heights, outpacing global counterparts in ways few might expect.
What’s driving this financial surge, and how does Australia’s system compare on the world stage?
Australia’s retirees were on track to become some of the wealthiest in the world, according to new research.
The Super Members Council, representing over 11 million Australians, reported that the country’s pension assets would surpass those of the UK by 2030 and Canada by 2031.
Despite having only the 55th largest population, this would make Australia’s collective retirement savings the second largest globally, trailing only the United States.
An analysis by the council revealed that between 2001 and 2023, Australian workers contributed more to their superannuation than any other OECD nation.
Their contributions significantly exceeded the OECD average.
Super Members Council CEO Misha Schubert stated that Australia’s superannuation system was ‘the envy of the world.’
‘Australia has the fastest growing super system globally—twice the rate of international peers,’ she said.
‘We’re the only OECD country where spending on government-funded pension payments is falling and will continue to fall.’
She credited the system’s success to three key policies: its universal and compulsory nature, as well as strong preservation rules.
‘Three key policy settings have made Australia's super system one of the biggest and most effective internationally and underpin its long-term success,’ she said.
‘Because super is universal, compulsory and preserved until our retirements, total system contributions are projected to reach $141 billion for the financial year 2024 to 2025.’
‘These safeguards—especially that people's investments are preserved until retirement—are the secret sauce of super, giving Australians in their millions the power of compound returns over decades.’
Australian workers’ superannuation contributions were the highest among OECD nations.
Funds under management had grown to $4.1 trillion, exceeding individual Sovereign Wealth Funds, including Norway’s $2.8 trillion and China’s $2.1 trillion.
A delegation of Australian super fund representatives was in the United States seeking new investment opportunities.
The group was set to meet with Australia’s Ambassador to the US, Kevin Rudd, and Consul-General in New York, Heather Ridout.
Their meeting would take place at the Superannuation Investment Summit in Washington DC and New York.
In a previous story, we explored how millions of Australians are set to receive a boost in their Centrelink payments.
With retirement savings on the rise, this increase could provide even more financial security for those relying on government support.
Find out if you’re eligible and what this means for your future.
With Australia’s superannuation system growing at an unprecedented rate, what impact do you think this will have on future retirees? Share your thoughts in the comments!
New research suggests the nation’s retirement savings could soon reach record-breaking heights, outpacing global counterparts in ways few might expect.
What’s driving this financial surge, and how does Australia’s system compare on the world stage?
Australia’s retirees were on track to become some of the wealthiest in the world, according to new research.
The Super Members Council, representing over 11 million Australians, reported that the country’s pension assets would surpass those of the UK by 2030 and Canada by 2031.
Despite having only the 55th largest population, this would make Australia’s collective retirement savings the second largest globally, trailing only the United States.
An analysis by the council revealed that between 2001 and 2023, Australian workers contributed more to their superannuation than any other OECD nation.
Their contributions significantly exceeded the OECD average.
Super Members Council CEO Misha Schubert stated that Australia’s superannuation system was ‘the envy of the world.’
‘Australia has the fastest growing super system globally—twice the rate of international peers,’ she said.
‘We’re the only OECD country where spending on government-funded pension payments is falling and will continue to fall.’
She credited the system’s success to three key policies: its universal and compulsory nature, as well as strong preservation rules.
‘Three key policy settings have made Australia's super system one of the biggest and most effective internationally and underpin its long-term success,’ she said.
‘Because super is universal, compulsory and preserved until our retirements, total system contributions are projected to reach $141 billion for the financial year 2024 to 2025.’
‘These safeguards—especially that people's investments are preserved until retirement—are the secret sauce of super, giving Australians in their millions the power of compound returns over decades.’
Australian workers’ superannuation contributions were the highest among OECD nations.
Funds under management had grown to $4.1 trillion, exceeding individual Sovereign Wealth Funds, including Norway’s $2.8 trillion and China’s $2.1 trillion.
A delegation of Australian super fund representatives was in the United States seeking new investment opportunities.
The group was set to meet with Australia’s Ambassador to the US, Kevin Rudd, and Consul-General in New York, Heather Ridout.
Their meeting would take place at the Superannuation Investment Summit in Washington DC and New York.
In a previous story, we explored how millions of Australians are set to receive a boost in their Centrelink payments.
With retirement savings on the rise, this increase could provide even more financial security for those relying on government support.
Find out if you’re eligible and what this means for your future.
With Australia’s superannuation system growing at an unprecedented rate, what impact do you think this will have on future retirees? Share your thoughts in the comments!
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