finance - 한-호주 퇴직연금 포럼_책자(최종).pdf - 4
Korea is Australia's fourth largest trading partner, following China.
Japan and the US. Australia and Korea have forged a strong partnership
over the years built on complementary interests. Australia has supported
Korea's food and energy security, as well as providing the resources
Korea needs for its heavy industry. Korea, in return. has provided
Australia with transformed products. such as petrol. cars and machinery.
While many people think of Australia as a producer of primary goods.
food and resources. in reality it is one of the most dynamic and
sophisticated economies in the world underpinned by services and
technology.
One good example of this is Australia's financial services sector where
Australia has strong capabilities... Australia has the world's sixth largest
managed fund assets pool. eighth largest over-the-counter (OTC) foreign-
exchange daily turnover. ninth largest stock market. and tenth largest debt
securities market.
More importantly. the managed funds sector is underpinned by a
mandated retirement savings scheme that has resulted in the fourth largest
pension pool in the world, valued at US$1.9 trillion.
Australia has also experienced the highest growth rate of pension fund
assets in the world, with a compound annual growth rate (CAGR) of
around 10.2% between 2008 and 2018 (in USS terms). This rate was well
above the global average rate of 5.3% over the same period (Willis
Towers Watson Global Pensions Asset Study - 2019)
Australia's pension assets rose to 131% of GDP in 2018. up from 67% a
decade ago which was the second highest among the 22 major pension
markets covered by the Wilson Towers Watson Global Pension Asset Study.
This illustrates the significance and long-term growth of Australia's
pension system, which is a major driver behind the country's rapidly
expanding. globally significant managed funds industry.