The Australian superannuation system has grown rapidly since the introduction of the Superannuation Guarantee in 1992, both in terms of funds under management and coverage.

Almost all employed Australians contribute to superannuation. Collectively, Australians currently have around $2 trillion of assets in superannuation funds, comprising about 20 per cent of total household assets. Superannuation will continue to increase in relative importance as the system matures by the 2040s.

The sheer size of the superannuation system, combined with its compulsory and broad nature, makes the efficiency of the system paramount. Even small changes in efficiency can have significant impacts on the wealth and wellbeing of Australians. Competition is often a key way of promoting efficiency.