Mandated superannuation contributions and the structure of the financial sector in Australia |
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| Institution: | 1. State Key Laboratory of Multiphase Flow in Power Engineering, Xi''an Jiaotong University, Xi''an, 710049, China;2. State Grid Shaanxi Electric Power Research Institute, Xi''an, 710100, China;3. College of Chemistry and Chemical Engineering, Baoji University of Arts and Science, Baoji, 721013, China;1. Department of Civil Engineering, Johns Hopkins University, Baltimore, MD, USA;2. Department of Materials Science and Engineering, Johns Hopkins University, Baltimore, MD, USA;3. Department of Civil and Environmental Engineering, ATLSS Center, Lehigh University, Bethlehem, PA, USA;4. Department of Civil Engineering and Engineering Mechanics, Columbia University, New York, NY, USA;1. University of Ljubljana, Faculty of Economics, Kardeljeva ploščad 17, 1000 Ljubljana, Slovenia;2. University of Primorska, Faculty of Mathematics, Natural Sciences and Information Technologies, Glagoljaška 8, 6000 Koper, Slovenia;1. Grupo de Manejo Eficiente de la Energía (GIMEL), Departamento de Ingeniería Mecánica, Facultad de Ingeniería, Universidad de Antioquia, Calle 67 No. 53-108, Medellín, Colombia;2. Hamburg University of Technology, Am Schwarzenberg-Campus 1, 21073, Hamburg, Germany;1. Area of Finance and Strategy, T A Pai Management Institute, Manipal, Karnataka, India;2. Department of International Business, Chung Hua University, Hsinchu, Taiwan, R.O.C |
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| Abstract: | Australian workers must contribute a proportion of their wage to superannuation. The mandated contribution rate has risen from 3% in 1992, to 9.5% today, and is scheduled to reach 12% by 2025. We use a financial computable general equilibrium (FCGE) model to simulate an increase in the contribution rate. We find that raising the contribution rate has consequences for traditional financial intermediaries, and for financial structure more generally. This is of interest to Australian policy makers currently concerned with the size and role of Australia’s banks, and the leverage of the household sector. |
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| Keywords: | Financial CGE model Superannuation Commercial banks Macroeconomic stability |
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