Martin Foo, Eliana Maddock
Ensuring that retirees have sufficient financial resources to support their health and well being in retirement represents one of the major challenges for society in our age. Australia is an ageing society, with retirees representing an ever-growing share of the overall population. Over the next 10 years, Australia’s baby boomer demographic will move into the retirement phase and become the healthiest, wealthiest retirees in Australian history. At the same time, the rising cost of health care and growing size of the retired population is straining the public purse. The question of how to reduce the call on public finances while ensuring that retirees have sufficient income to support their expected standard of living is a hotly contested area in the today’s public policy debate.
The CSIRO-Monash Superannuation Research Cluster commenced in 2013 with the aim of undertaken deep research to help inform this important area of public policy. The Cluster undertakes this work through 11 work streams that represent research that cover the role of superannuation in the economy; the technical aspects of funds management in the superannuation sector; and social or behavioural considerations for Australians over 60.
Now halfway through its 3-year plan, the Cluster has produced more than 30 papers, with a number of papers already accepted for publication in highly rated academic journals. Original datasets being developed under the Cluster are starting to yield results, as are the streams undertaking modelling work.