This report finds that older Australians are capturing a growing share of Australia’s wealth, while the wealth of younger Australians has stagnated.

We address how investment management organizations might be built to successfully pursue long-term investing. A variety of recommendations and suggestions are put forward that address four building blocks: organizational; incentives; investment approach; and discretion over trading. A key message is the need to manage the principal-agency issues that occur across multi-layered operations, with the aim...

Three key advantages held by long-term investors include: the capacity to adopt positions where payoff timing is uncertain; the ability to exploit opportunities generated by the actions of short-term investors; and latitude to invest in unlisted and/or illiquid assets. These advantages provide access to a broader investment opportunity set than available to short-term investors. Strategies...

This paper suggests a modification to the Pension Loan Scheme intended to help boost the retirement incomes of a large number of current retirees. Summary The Australian government is currently willing to boost the retirement incomes of wealthy Australians by providing low cost ‘reverse mortgages’ through Centrelink. The Pension Loan Scheme (PLS) allows eligible Australians...

Using proprietary Australian Tax Office (ATO) data, we document the size, asset allocation and expenses for a sample of 209,420 Australian self-managed superannuation funds (SMSFs) for the three years to June 2010. Two recent Government reviews have highlighted a lack of basic knowledge of the costs associated with running an SMSF. Our study aims to...