Insights from the Superannuation and Wealth Summit
Australia’s superannuation system is now worth an extraordinary $4 trillion and is entering a period of significant change. At the recent Australian Financial Review Super & Wealth Summit, industry leaders, regulators, and financial experts came together to discuss what lies ahead for retirement savings and wealth management. The key themes were clear: new taxes on large balances, longevity risk, and the great generational wealth transfer.
If you hold a large superannuation balance, expect greater scrutiny.
The government is introducing new tax measures designed to make the system fairer and more sustainable. Margaret Cole, Deputy Chair of APRA, captured the intent well: “We are focused on governance and member outcomes—ensuring that super funds operate in the best interests of Australians.” In practical terms, superannuation funds will need to improve their performance, and individuals with high balances may face additional tax obligations. If you fall into this category, now is the time to review your strategy.
There is good news: Australians are living longer. The challenge is ensuring that your money lasts as long as you do. Sarah Abood, CEO of the Financial Advice Association Australia, stated: “The next generation of retirees will need strategies that balance income stability with flexibility over decades.” One approach discussed at the Summit was income layering—combining account-based pensions, annuities, and investments to create a reliable income stream. Think of this as building a financial safety net that can support you for 30 years or more.
Another major theme was the intergenerational transfer of wealth. Over the coming decades, trillions of dollars will pass from one generation to the next. Susie Grehl from Commonwealth Bank explained: “This transfer represents both an opportunity and a challenge—families need to plan for inheritance, tax implications, and intergenerational equity.” If you have not reviewed your Will, superannuation nominations, or estate plan recently, now is the time. Tools such as investment bonds can help avoid probate delays and reduce tax burdens for your beneficiaries.
Technology is also reshaping the way superannuation and wealth are managed. Lewis Moreline from ANZ J.P. Morgan observed: “Technology is driving efficiency and improving the member experience—this is no longer optional; it is essential.” From AI-driven advice to digital dashboards, technology is making it easier to monitor your investments and make informed decisions.
What does this mean for you? Begin planning early—retirement could last three decades or more. Review your estate plan to ensure your Will, Powers of Attorney, and superannuation nominations are current and budget for care needs.
References
- Australian Financial Review, Super & Wealth Summit Coverage: “Navigating the Future of Super & Wealth” – discussions on new taxes, longevity risk, and generational wealth transfer.
- Quotes from Margaret Cole (APRA), Sarah Abood (Financial Advice Association Australia), Susie Grehl (Commonwealth Bank), and Lewis Moreline (ANZ J.P. Morgan) as reported in AFR Summit sessions.