The Role of Superannuation in the Financial Sector and in Aggregate Saving: A Review of Recent Trends

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The Role of Superannuation in the Financial Sector and in Aggregate Saving: A Review of Recent Trends

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Malcolm Edey (Reserve Bank of Australia)
Robin Foster (Reserve Bank of Australia)
Ian Macfarlane (Reserve Bank of Australia)

Abstract

Assets with superannuation funds represented the fastest growing of the major components of household wealth during the 1980s. This paper reviews the causes of that growth, and its effects on private saving and on the pattern of financial intermediation. It is found that the growth of superannuation funds during this period was mainly a result of the funds' high earnings rates; there was relatively little change in the net rate of new contributions by members. This fact makes it hard to argue that growth of the superannuation sector came at the expense of other types of financial intermediaries. The relative stability of members' contributions also helps to explain why superannuation has not yet had a noticeable effect on the level of private saving.

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Paper provided by Reserve Bank of Australia in its series RBA Research Discussion Papers with number rdp9112.

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Date of creation: Dec 1991
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Handle: RePEc:rba:rbardp:rdp9112

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Malcolm Edey & John Simon, 1996. "Australia's Retirement Income System: Implications for Saving and Capital Markets," RBA Research Discussion Papers rdp9603, Reserve Bank of Australia. [Downloadable!]
Other versions:
- Malcolm Edey & John Simon, 1996. "Australia's Retirement Income System: Implications for Saving and Capital Markets," NBER Working Papers 5799, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
Warren Tease & Jenny Wilkinson, 1993. "The Provision of Financial Services - Trends, Prospects and Implications," RBA Research Discussion Papers rdp9315, Reserve Bank of Australia. [Downloadable!]
Kingston, Geoffrey, 2004. "Superannuation: A Guide to the Field for Australian Economists," Economic Analysis and Policy (EAP), Queensland University of Technology (QUT), School of Economics and Finance, vol. 34(2), pages 203-26, September. [Downloadable!]
Malcolm Edey & Brian Gray, 1996. "The Evolving Structure of the Australian Financial System," RBA Research Discussion Papers rdp9605, Reserve Bank of Australia. [Downloadable!]

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