Efficiency in the Australian Superannuation System

Efficiency in the Australian Superannuation System

Introduction

Superannuation has been defined as moneys invested in the productive working life of an individual to return an income stream or a lump sum upon retirement. The superannuation scheme in Australia was initially availed to employees of selected companies since the federation of Australia and was further extended to all public servants. Historically, in the 1970s, the superannuation in Australia was sponsored by the employer and was only available for the executive employees excluding all women. The Australian superannuation system provides equity and economic benefits of the Australian citizens and the entire…