Australian superannuation funds are searching for new investment opportunities in the United States this week amid forecasts the nation's retirement savings pool could become the second largest in the world by 2030.
A delegation of super fund leaders, peak bodies and institutional investors are attending the Superannuation Investment Summit in Washington DC, which will be addressed by Treasurer Jim Chalmers.
The Summit brings together some of Australia’s largest super funds and leading figures from the U.S. investment community at the Australian Embassy in Washington.
The institutions, include investment managers and banks, and the Future Fund are joining Australia’s Ambassador to the United States of America Kevin Rudd and Australia’s Consul-General in New York Heather Ridout.
“The landmark Summit positions Australia’s superannuation system as one of the world’s fastest growing and reliable pools of long-term capital, creating new opportunities for investments that will drive strong returns for working Australians’ retirement savings,” the Super Members Council (SMC) said in a statement.
SMC said its research showed Australia’s retirement savings would surpass the British and Canadian systems to become the world’s second largest pool within the next decade, behind only the U.S.
Super funds under management in Australia are $4.1 trillion, exceeding any sovereign wealth fund including Norway's ($2.8 trillion) and China's ($2.1 trillion).
“Australia has the fastest growing super system globally – twice the rate of international peers,” SMC CEO Misha Schubert said.
“We’re the only OECD country where spending on government-funded pension payments is falling and will continue to fall."
