ANZ joins Super Research Cluster, more to come

08-Oct-2014

By Elizabeth Somerville

Email Article Print Article

Related Articles: | |

ANZ Wealth has become the sixth organisation to join the CSIRO-Monash Superannuation Research Cluster, with more organisations set to come on board by the end of the year.

The bank’s wealth arm joined BT, Cbus, Mercer, Vanguard and Challenger as key supporters of the $9 million superannuation policy research project, which also has involvement from Warwick, Griffith and Western Australia universities.

“There is a lot of interest [in joining the cluster] as everyone knows we need to do better post-retirement, but until we have the right evidence base, it’s hard to design the right policy,” CSIRO-Monash Superannuation Research Cluster leader and Australian Centre for Financial Studies executive director and professor Deborah Ralston told financialobserver.

“We only want 10 [organisations involved] and now we have six, but we should have a few more by the end of the year.”

The research cluster, which is led by the Australian Centre for Financial Studies based at Monash University, focuses on retirement policy issues brought about by the immense size of Australia’s superannuation pool and is currently addressing superannuation trends and behaviours of individuals in the post-retirement phase.

“The majority of work we do is around post-retirement and we’re really interested to understand retirees and how they spend their money over time,” Ralston said.

“[We’re] drilling down into the actual data to build an evidence base on how people spend their money and at the moment that’s not available.”

ANZ Wealth head of direct super and investments Patrick Clark said the data was crucial to enable informed policy-making for the superannuation sector.

“We believe it’s critical that this research continues so that both the public and private sectors can base their decision-making on hard data in the vital area of superannuation,” Clark said.

“Over the past 18 months the work done by CSIRO and Monash in examining the dynamics and interrelationships between superannuation and the wider economy, as well as the transition and retirement phase of Australians over 60, has been first class.”

« Back to Articles