The Australian superannuation model has received an upbeat assessment from a former director of the Reserve Bank of Australia (RBA).
China had also shown an interest in Australia's superannuation scheme, he said. He added that Australia now had the fourth largest fund management business in the world with a national superannuation system that had 9% of people's earnings as a minimum going into superannuation.
Kelty, who was an RBA director while holding the post of Secretary of the Australian Council of Trade Unions (ACTU) from 1983 until February 2000, said the origin of Australia's superannuation model was inspired by a paper - Stagflation and Wages Policy in Australia - by La Trobe University academic Donald Whitehead, published in 1973, but first discussed between 1967 and 1969.
According to the La Trobe University Bulletin, Kelty is recognised as being a key player in shaping the country's superannuation reform.
He told the university audience that some people had been kind enough to suggest that the superannuation scheme was established as the result of a partnership between the previous Labor government, headed by prime minister Paul Keating, and himself as secretary of the ACTU.
Kelty said: 'It is not by chance that Gary Weaven (former assistant ACTU secretary and now executive chair of Industry Fund Services), Ian Court (chair of the Australian Institute of Superannuation Trustees) and myself all went to La Trobe - all were involved in the creation and maintenance of superannuation."
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