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A Review Of Australia's Compulsory Superannuation Scheme After A Decade

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Abstract

The Australian superannuation system places trustees in the key role of managing superannuation assets and we subject the role of trustee to close scrutiny while identifying the very substantial principal-and-agent problems that exist in the industry. We consider two policy issues: member choice of fund and portability of accumulated balances in the light of how they would improve the ability of individual members to maximise retirement benefits and the efficiency of the system. We argue that the award superannuation scheme which requires, by conditions in industrial awards, contributions of three per cent of wage or salary of an employee continues along side the SG scheme is due for review.

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Bibliographic Info

Paper provided by School of Economics, University of Queensland, Australia in its series Discussion Papers Series with number 322.

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Date of creation: 2003
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Handle: RePEc:qld:uq2004:322

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Postal: St. Lucia, Qld. 4072
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Web page: http://www.uq.edu.au/economics/
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  1. Grossman, Sanford J & Stiglitz, Joseph E, 1980. "On the Impossibility of Informationally Efficient Markets," American Economic Review, American Economic Association, American Economic Association, vol. 70(3), pages 393-408, June.
  2. Drew, Michael E. & Stanford, Jon D. & Veeraraghavan, Madhu, 2002. "Efficiency with Costly Information: A Study of Australian Wholesale Superannuation Fund Performance," Economic Analysis and Policy (EAP), Queensland University of Technology (QUT), School of Economics and Finance, Queensland University of Technology (QUT), School of Economics and Finance, vol. 32(1), pages 35-47, March.
  3. Lakonishok, Joseph & Shleifer, Andrei & Vishny, Robert W., 1992. "The Structure and Performance of the Money Management Industry," Scholarly Articles 10498059, Harvard University Department of Economics.
  4. Bateman,Hazel & Kingston,Geoffrey & Piggott,John, 2001. "Forced Saving," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521481625.
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  6. Michael E. Drew & Jon D. Stanford & Damien Hoffman, 2002. "Assets Under Management And Superannuation Fund Performance: A Third Note For Trustees," Economic Papers, The Economic Society of Australia, The Economic Society of Australia, vol. 21(1), pages 80-91, 03.
  7. Michael E. Drew & Jon D. Stanford, 2002. "The Economics of Choice of Superannuation Fund," School of Economics and Finance Discussion Papers and Working Papers Series, School of Economics and Finance, Queensland University of Technology 102, School of Economics and Finance, Queensland University of Technology.
  8. William F. Sharpe, 1965. "Mutual Fund Performance," The Journal of Business, University of Chicago Press, University of Chicago Press, vol. 39, pages 119.
  9. Mehra, Rajnish & Prescott, Edward C., 1985. "The equity premium: A puzzle," Journal of Monetary Economics, Elsevier, Elsevier, vol. 15(2), pages 145-161, March.
  10. Grinblatt, Mark & Titman, Sheridan & Wermers, Russ, 1995. "Momentum Investment Strategies, Portfolio Performance, and Herding: A Study of Mutual Fund Behavior," American Economic Review, American Economic Association, American Economic Association, vol. 85(5), pages 1088-1105, December.
  11. Hazel Bateman & John Piggott, 1999. "Mandating Retirement Provision: The Australian Experience," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan, vol. 24(1), pages 95-113, January.
  12. Drew, Michael E. & Stanford, Jon D., 2001. "The Impact of Fund Attrition on Superannuation Returns," Economic Analysis and Policy (EAP), Queensland University of Technology (QUT), School of Economics and Finance, Queensland University of Technology (QUT), School of Economics and Finance, vol. 31(1), pages 25-32, March.
  13. Bateman, Hazel, 2002. "Retirement Income Strategy in Australia," Economic Analysis and Policy (EAP), Queensland University of Technology (QUT), School of Economics and Finance, Queensland University of Technology (QUT), School of Economics and Finance, vol. 32(1), pages 49-70, March.
  14. Harless, David W. & Peterson, Steven P., 1998. "Investor behavior and the persistence of poorly-performing mutual funds," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 37(3), pages 257-276, November.
  15. Michael E. Drew & Jon D. Stanford & Pavlo Taranenko, 2001. "Hot Hands And Superannuation Fund Performance: A Second Note For Trustees," Economic Papers, The Economic Society of Australia, The Economic Society of Australia, vol. 20(4), pages 18-25, December.
  16. Goetzmann, William N & Peles, Nadav, 1997. "Cognitive Dissonance and Mutual Fund Investors," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, Southern Finance Association;Southwestern Finance Association, vol. 20(2), pages 145-58, Summer.
  17. Michael E. Drew & John Stanford, 2001. "Asset Selection And Superannuation Fund Performance: A Note For Trustees," Economic Papers, The Economic Society of Australia, The Economic Society of Australia, vol. 20(1), pages 57-65, 03.
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Cited by:
  1. Sargent-Cox, Kerry & Butterworth, Peter & Anstey, Kaarin J., 2011. "The global financial crisis and psychological health in a sample of Australian older adults: A longitudinal study," Social Science & Medicine, Elsevier, Elsevier, vol. 73(7), pages 1105-1112.
  2. Grant M Scobie & Trinh Le, 2004. "The Impact of Workplace and Personal Superannuation Schemes on Net Worth: Evidence from the Household Savings Survey," Treasury Working Paper Series 04/08, New Zealand Treasury.

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