Australian annuities - from boom to bust

australia

Driven by trade union activism and government support, the Australian superannuation system exploded in size during the mid-1980s with the Australian Council of Trade Unions claiming that by 2004 more than 90% of workers had been enrolled in a ‘super’ scheme. Funded by compulsory employer contributions and voluntary employee top-ups, the scale of coverage means the collective assets of the supers stand at A$1.2 trillion (£680 million), according to the Australian Prudential Regulation Authority.