Mandated superannuation contributions and the structure of the financial sector in Australia

摘要

Australian workers must contribute a proportion of their wage to superannuation. The mandated contribution rate has risen from 3% in 1992, to 9.5% today, and is scheduled to reach 12% by 2025. We use a financial computable general equilibrium (FCGE) model to simulate an increase in the contribution rate. We find that raising the contribution rate has consequences for traditional financial intermediaries, and for financial structure more generally. This is of interest to Australian policy makers currently concerned with the size and role of Australia's banks, and the leverage of the household sector. (C) 2019 The Society for Policy Modeling. Published by Elsevier Inc. All rights reserved.