The Australian Institute of Superannuation Trustees (AIST) has teamed up with Mercer to develop a "super tracker" designed to evaluate the Australian superannuation system and measure policy changes.
In a joint statement the two companies said the new tracker will provide an objective method for measuring the costs and benefits of the superannuation system, including the ability to see how potential changes will affect this system.
AIST chief executive Tom Garcia said the initiative will have the ability to track the super gender gap, overall adequacy of super, as well as the fairness of Government support for the super system across various income levels.
"The tracker will be an important tool for the industry to ensure that transparency and fairness underpin the Australian super system. Ultimately we want to make sure the system is working in the best interests for members," he said.
Garcia also said that the tracker will allow for more evidence based decision-making and allow stakeholders to see the effect that policy changes may have on the overall costs of the superannuation system to Government.
Mercer senior partner and senior actuary Dr David Knox said that recent inquiries into superannuation reiterate the need for evidence based evaluation.
"We've had the Financial System Inquiry Final Report, now we're waiting for the review of the Tax System - it's a crucial time to be making evidence-based decisions and the AIST-Mercer Super Tracker will facilitate this," he said.
"This is an important start to tracking the costs and benefits of the Australian superannuation system and we will be encouraging feedback from the community."
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