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BlueChip was also in attendance at a Committee for Economic Development of Australia (CEDA) lunch on 7 May for some lively discussion about superannuation.
Each of three guest speakers: Mathias Cormann, Shadow Assistant Treasurer and Shadow Minister for Financial Services, Brad Cooper, CEO of BT Financial Group and Melinda Howes, CEO of the Actuaries Institute, shone a brief light on what improvements or changes might be needed to ensure the sustainability of the system in the face of increasing longevity and a reducing tax base.
The need for action on demographic grounds and corresponding innovation to develop long-term sustainable products – think, infrastructure in brave new models – was a point of common ground for all speakers. So too was the need for stability to rebuild confidence in a system that commentators of all stripes agree has seen way more changes than a mere 20 years of existence should warrant.
The upshot? While it was good to hear that our life expectancy literally increases every day, as the system stands today the challenge of avoiding penury for whopping 30 or 40 of our ‘golden’ years remains a significant one.
For more about the discussions of the day, see our blog.
