Slow adoption of IT holding super sector back
Australia’s superannuation sector is being held back by its slow adoption of technology, Financial Services Council chief executive, John Brogden believes.
While super has been “working well” and “delivering huge benefits” to the Federal Government and the financial sector, Brogden said IT could boost those benefits even further.
“By and large the superannuation sector is effectively allocating capital back into the Australian financial system,” he said.
“Australia’s savings rate is three times higher than it would have been without superannuation. Today, Australia’s superannuation sector is worth $1.8 trillion, it will move to $3 trillion in 2025 and to $5.5 trillion by 2030.
“Our industry hasn’t positioned itself to fully take advantage of technology. However, this is changing as super funds want to remain innovative and competitive.
“Over the past few years, the super industry has been focused on compliance. This focus is shifting to innovating through technology.”
AUTHOR
Nicholas O'Donoghue
Nicholas is a journalist for Money Management and Super Review. Nicholas has several years experience as a journalist, reporting and managing websites for various news publications covering the medical and pharmaceuticals sector.
Recommended for you
ASFA has launched a central online hub to help super funds, employers and service providers prepare for Payday Super reforms.
The Super Members Council is calling on the government and regulators to impose additional safeguards to prevent superannuation switching harm and has put forward multiple suggestions for improvements.
The Assistant Treasurer has reaffirmed the government’s commitment to strengthening retirement outcomes, consumer protections and cyber resilience in superannuation.
The industry super fund has advanced reconciliation efforts with a new initiative focused on improving outcomes for First Nations members.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
211.16 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
121.06 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Smarter Money Long-Short Credit Investor USD
68.96 3 y p.a(%)
