Explore the latest developments concerning Australian Regulator Warns.
The AI-powered nightmare scenario facing Australia’s $4.8trn super system
An artificial intelligence-powered cyberattack coinciding with a severe market crash and a record wave of retirees drawing down their savings would represent the ultimate test for Australia’s $4.8 trillion superannuation system, regulators have warned.
With 2.5 million Australians set to retire over the next decade, the super system is entering an unprecedented drawdown phase, The Australian Financial Review Super and Wealth Summit heard.
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RBA warns retirement wave will test Australian pension funds
(Oct 26): Australia’s central bank has warned the nation’s A$4.8 trillion (US$3.4 trillion or RM13.8 trillion) pension industry is facing a fresh set of challenges as millions of people enter retirement over the next decade and funds face cash outflows as people draw down their savings.
The so-called superannuation sector has become a large owner of domestic assets and has historically been a “countercyclical stabilising force”, in times of market stress such as the Covid-19 pandemic, Reserve Bank of Australia Assistant Governor Brad Jones told the AFR Super and Wealth Summit in Melbourne on Monday.
Jones said weekly net inflows of A$1 billion-A$2 billion have historically helped the sector absorb stress. He warned that cushion may become less dependable over time as more funds move into net cash-outflow positions as more people retire and draw on their savings. About 2.5 million people are expected to retire over the next decade.
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