ASFA's predictive models reveal that the superannuation system has enhanced Australia’s gross domestic product (GDP) by approximately two percent compared to where it would stand without compulsory superannuation. Additionally, the system has boosted labour productivity, with the average Australian full-time worker experiencing about $2,500 more annually.

The report, titled The Impact and Opportunity of Superannuation on Australia’s Productivity, underscores that the impressive $4.1 trillion amassed in superannuation—spanning institutional super and self-managed super funds (SMSFs)—constitutes a quarter of Australia's capital stock. This substantial capital deployment is seen as crucial for economic and societal advancement.

Mary Delahunty, ASFA's CEO, remarked that super funds channel around half a million dollars in new financial capital daily for their members, facilitating both economic growth and generational benefits. Delahunty emphasised that a broader national approach could further leverage these funds for economic gain.

The report also highlights that households have saved an extra $1 trillion since compulsory contributions began in 1992. Moreover, Australia’s superannuation has distinguished itself as a significant backer of early-stage technologies, handling investments in digital, energy, and infrastructure development.

Delahunty pointed out the necessity to move beyond traditional productivity debates focused on labour vs. management, suggesting a new narrative where capital deployment drives national goals. She affirmed that although the productivity issue isn't unique, Australia’s massive superannuation asset offers a strategic advantage in addressing it.

ASFA presented several recommendations to further leverage superannuation in enhancing productivity:

  • Stabilising long-term investment policy to reduce regulatory uncertainty and inspire confident capital allocation.
  • Reforming performance benchmarks to emphasise future-oriented sectors like clean energy and digital infrastructure.
  • Removing stamp duty disclosures to enhance the competitive edge of Australian property investments.
  • Creating efficient pathways for public-private investment collaborations, especially critical in the energy transition.
  • Modernising capital gains tax policies to reduce inefficiencies and facilitate investment restructuring.
  • Establishing a productivity-centred working group within the Treasurer’s Investor Roundtable to spur ongoing reforms.