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[Music plays]
(Deborah Ralston) This is a great initiative
to examine some of the issues
around our superannuation and retirement system,
an issue of national importance.
We’ve brought together researchers from four different universities
in Australia and overseas,
and they will work together with researchers from CSIRO.
(Alan Dormer) Although we’ve been active in the services sector
for about ten years, we don’t have as much superannuation experience
as some of the other researchers.
So we’ve got some great scientists in financial maths
and behavioural economics,
but we don’t have the deep industry knowledge.
(David ***) The think that attracted Challenger
was CSIROs ability
to use big data
to answer some very fundamental questions.
(Deborah Ralston) Through working with industry we ensure that the
research is very well informed,
that it’s contextually correct
and it’s very relevant to the issues at hand.
(Alan Dormer) Having an impartial evidence based I think
is going to be good for the government and good for industry.
(David ***) If we have actual information
about what people are doing with their superannuation
then we could design better products
that give them an optimal standard of living that’s above
aged pension entitlement for the whole of their life.
(Alan Dormer) So there’s opportunities
for superannuation to contribute more to economic growth in the future.
Superannuation at the moment is about 1.6 trillion dollars,
which is the size of the gross domestic product
and by all accounts it could grow to maybe seven trillion dollars
until it reaches an equilibrium state.
I know the issues use to be that the economy
impacted superannuation. We believe in the future that
superannuation will actually impact the economy.
(Deborah Ralston) At the present time,
many people still receive a lump sum
when they retire from their superannuation,
but we’re going to live another 25,
30-years maybe even longer.
(Alan Dormer) We’re impacting directly
on to society and the community
and a lot of the work that we do now has a direct community benefit.
(Deborah Ralston) So our research is really
looking at creating more options for retirees
to guard against longevity risk
and to make sure that we have all the resources
we need in retirement to live a happy life.
[Music plays]