One of Australia’s smaller industry superannuation funds has questioned the benefits of mergers and scale and argued that funds should prove their efficiency.

The importance of the superannuation system to the Australian economy and society is evident in the eye-watering agenda of political and regulatory attention over the past decade.

The draft report on competition and efficiency in the superannuation system released by the Productivity Commission is another important contribution to the policy discussion, and also highlights some challenges for financial advisors.

The themes and findings in the draft report are not only of public policy importance, but provide a stark reminder to advisors and money managers of the importance of achieving long term performance and outcomes.