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Australia soon to be second in the world for retirement savings | The Business | ABC News

Australian superannuation funds now hold more than $4 trillion in assets, with a combined pension pool on track to surpass Canada and the UK in the next five to seven years. Australia will soon be second in the world for retirement savings, after the US. A new study by the peak body for super, ASFA, shows compulsory super has boosted household savings by more than $500 billion and is reducing the government's need to pay for the age pension, the main income support for older people. Australia currently spends around 2.3 per cent of GDP on the age pension, but it's expected to fall to around 2 per cent by 2026. ASFA chief executiove Mary Delahunty says Australia's superannuation pool is bucking the trend internationally, even with an ageing population. Sam Sicilia, chief investment officer at super fund HostPlus, said the primary purpose of super is to provide people with "dignity in retirement", but noted another intention was to reduce the reliance on the government age pension. However, tax concessions on super contributions are expected to exceed the annual cost of the aged pension by 2050. In its recent Financial Stability Review — a bird's-eye look at the resilience and stability of our financial system — the Reserve Bank of Australia called out the scale of super. It said "the superannuation sector's significant growth, rising connectedness with banks and increasing footprint in financial markets creates new risks, including the ability to amplify shocks." This could happen if the investment decisions of funds were to become "more correlated or concentrated in times of generalised market stress". As the sector has grown, its connections with the banking system have increased: superannuation funds directly hold nearly one-third of bank short-term debt securities and over one-quarter of equity issued by domestic banks. They also hold a fifth of Australian shares. Daniel Ziffer reports. #ABCBusiness Subscribe: http://ab.co/1svxLVE Read more here: https://www.abc.net.au/news/2025-04-0... ABC News provides around the clock coverage of news events as they break in Australia and abroad. It's news when you want it, from Australia's most trusted news organisation. For more from ABC News, click here: https://ab.co/2kxYCZY Watch more ABC News content ad-free on ABC iview: https://ab.co/2OB7Mk1 Go deeper on our ABC News In-depth channel: https://ab.co/2lNeBn2 Like ABC News on Facebook:   / abcnews.au   Follow ABC News on Instagram:   / abcnews_au   Follow ABC News on X (Twitter):   / abcnews   Note: In most cases, our captions are auto-generated. #ABCNews #ABCNewsAustralia