The Victorian Government is once again pleased to support the 2016 Melbourne Mercer Global Pension Index. Now in its eighth year, the Index continues to bring together government, industry and academia to provide valuable insights on pension systems around the world.
The Index is the foremost publication of its kind and internationally regarded amongst global policy makers. Since its inception in 2009, the Index has grown in scope and global reach, having expanded from an initial 11 countries to the current 27. The Index now spans a broad cross-section of countries across the Americas, Europe, Asia-Pacific and for the first time this year, has been extended to include Malaysia and Argentina.
As an internationally regarded report, the Index is testament to Victoria’s financial services capabilities and research expertise. Financial services accounts for over 10 per cent of Victoria’s total economic output, the largest contribution of any sector, and employs over 118,000 Victorians. Victoria is also home to a number of leading financial research organisations, such as the Australian Centre for Financial Studies, the Asia-Pacific Economic Cooperation (APEC) Finance Study Centre and the CSIRO-Monash University Superannuation Research Centre.
The Index affirms Australia’s position as a leading market for pension funds management and highlights Victoria’s established strengths in the industry. As Australia’s premier funds management market, Victoria is home to six of Australia’s top twelve pension funds and 60 per cent of Australian industry pension funds under management. Victoria is also home to Australia’s sovereign wealth fund, the $120 billion Future Fund, as well as the Victorian Funds Management Corporation and Treasury Corporation Victoria, with $51 billion and $50 billion funds under management respectively. With Australia’s managed funds market the third largest in the world, Victoria’s
capabilities are world leading.
The Victorian Government recognises the strength of Victoria’s financial services sector and the vital role it will play in ensuring our State’s future economic prosperity. Through the recently launched Future Industries Fund, the Victorian Government is working closely with the financial services sector to deliver continued expansion, investment and jobs growth.
The 2016 Melbourne Mercer Global Pension Index reflects the collaborative efforts of the Victorian government, industry and academia. I commend the Australian Centre for Financial Studies and Mercer on the 2016 Melbourne Mercer Global Pension Index, and the continued success of the Index in promoting international policy reform and best practice.
WADE NOONAN MP
Minister for Industry