Thanks to Australian laws requiring employers to contribute at least 9% of a worker's salary to a pension, superannuation funds, as they are known locally, are the world's third-largest pool of pension assets, worth about $1.9 trillion. The Australian stock market is worth only $1 trillion.
SYDNEY: Australian pension funds are sitting on a A$245 billion ($167.38 billion) 'wall of money' that will probably flow overseas because of a lack of domestic options, asset managers say.
Thanks to Australian laws requiring employers to contribute at least 9% of a worker's salary to a pension, superannuation funds, as they are known locally, are the world's third-largest pool of pension assets, worth about $1.9 trillion. The Australian stock market is worth only $1 trillion.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
