A recent report has revealed that the introduction of compulsory superannuation has increased household savings, contributing more than AU$500 billion since its establishment.

The surge in savings has also helped reduce the reliance on government-funded age pensions, which provide financial support to seniors, the report by the Association of Superannuation Funds of Australia (ASFA) said.

"There's AU$4.2 trillion of members' money under management in superannuation," Mary Delahunty, chief executive of ASFA, said. "That makes Australia one of the top investors in the world."

The ASFA report highlighted Australia's efficiency in managing retirement support. Currently, the country allocates approximately 2.3% of its GDP to age pensions, a figure that is on the decline. In comparison, Australia's spending is lower than most other nations, with South Korea being the only country spending less at 1.3% of GDP, though........

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