Retirement spending is injecting $121 billion in the economy according to new research from the Super Members Council.<\/p>\n
The ACIL Allen research commissioned by the SMC surveyed around 2,000 Australians over the age of 60 years and found retirement spending is now worth double the Age Pension each year.\u00a0\u00a0<\/p>\n
The council said the economic benefits of investing Australians\u2019 super savings are\u00a0well researched, but\u00a0the\u00a0report\u00a0shows for the\u00a0first\u00a0time\u00a0how retirees\u2019 spending drives economic activity in specific industries and supports hundreds of thousands of jobs.\u00a0<\/p>\n
It\u00a0found\u00a0that Australia\u2019s retirees will spend around $121 billion from their superannuation in 2026, supporting\u00a0more than\u00a0485,000 full-time equivalent jobs,\u00a0growing\u00a0the\u00a0Australian\u00a0economy\u00a0and supporting\u00a0jobs and wages for working-age Australians.\u00a0<\/p>\n
Misha Schubert, CEO of the SMC, said Australia\u2019s super system is \u201cgiving millions of Australians\u201d much stronger financial security in retirement, and and the higher spending in retirement strengthens the broader economy.\u00a0<\/p>\n
The findings come as Australia\u2019s super system enters a new phase of maturity. After more than three decades of compulsory super, Australians now have around $4.8 trillion in super, according to APRA data.<\/p>\n
\u201cHaving super ensures today\u2019s retirees have higher incomes, helping them to live more comfortable lives and their super income powers spending across the economy that sustains jobs, businesses and economic activity that benefit working-age Australians,\u201d Schubert said.\u00a0<\/p>\n
The SMC said in 2025, retirees were paid more than twice as much in super retirement benefits than the Age Pension\u00a0and\u00a0their retirement savings are now flowing back into the\u00a0wider\u00a0economy through super-enabled retiree spending on everyday goods and services.\u00a0<\/p>\n
The report found retiree spending from their super flows into supermarkets and food producers, transport providers, trades and construction businesses, tourism and hospitality operators, insurers and financial service providers, and essential household services across Australia.\u00a0<\/p>\n
\u201cEvery time a retiree uses their super savings to buy groceries, pay a utility bill, visit family, take a holiday, or make a long-awaited home improvement, their spending helps power Australian jobs and support local businesses. Those benefits ripple through communities large and small, from our biggest cities to regional and rural Australia,\u201d Schubert said.\u00a0<\/p>\n
She said the findings reinforced the long-term value of safeguarding and strengthening Australia\u2019s compulsory superannuation system.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Retirement spending is injecting $121 billion in the economy according to new research from the Super Members Council.…\n","protected":false},"author":2,"featured_media":885349,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[64,63,49649,44,49648,49647],"class_list":["post-885348","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australia","tag-au","tag-australia","tag-misha-schubert","tag-news","tag-smc","tag-super-members-council"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/885348","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=885348"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/885348\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/885349"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=885348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=885348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=885348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}