Media Release

ASFA’s response to Morningstar research

ASFA Statement: 7 March 2014

ASFA’s response to Morningstar research

ASFA welcomes the debate on the amount of income people should be aiming for in retirement and Morningstar’s research, released yesterday, which supports ASFA’s underlying methodology for calculating our Retirement Standard. However, we strongly question the claims in the research released by Morningstar cited in your article yesterday. We are particularly concerned about the challenge to the integrity of ASFA’s Retirement Standard and the claims that people need to save more to fund their retirement.

The methodology underlying the ASFA retirement standard is quite different to a simple ‘replacement rate’ indexed by inflation used by Morningstar. Instead, it adopts the approach of identifying a basket of goods/services likely to be consumed in retirement, representing a typical (modest/comfortable) retiree’s expenditure pattern, which is then adjusted for product/service specific inflation over time. What the Morningstar research criticises is the “replacement rate”, indexed by a single inflation figure, which is common globally and is quite different to ASFA’s retirement standard.

Secondly, as you will see in new account balance data released today, the reality is that on present estimates, most Australians will still rely substantially on the Age Pension to fund their retirement. Therefore ASFA’s consistent message to encourage people to save more so they can live the lifestyle they want in retirement is relevant and important. This message is even more important for women, who tend to retire with substantially less super than men.

For further information, please contact:
Lisa Chikarovski, Media Manager, 0451 949 300

Daniel Mulino MP

Assistant Treasurer and Minister for Financial Services

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Born in Brindisi, Italy, Daniel was a young child when he moved with his family to Australia. He grew up in Canberra and completed his first degrees – arts and law – at the ANU. He then completed a Master of Economics (University of Sydney) and a PhD in economics from Yale.

He lectured at Monash University, was an economic adviser in the Gillard government and was a Victorian MP from 2014 to 2018. As Parliamentary Secretary to the Treasurer of Victoria, Daniel helped deliver major infrastructure projects and developed innovative financing structures for community projects.

In 2018 he was preselected for the new federal seat of Fraser and became its first MP at the 2019 election, re-elected in 2022 and 2025. From 2022 to 2025, Daniel was chair of the House of Representatives’ Standing Economics Committee in which he chaired inquiries; economic dynamism, competition and business formation and insurers’ responses to 2022 major floods claims.

In 2025, he became the Assistant Treasurer and Minister for Financial Services.

In August 2022, Daniel published ‘Safety Net: The Future of Welfare in Australia’, which aims to explore the ways in which an insurance approach can improve the effectiveness of government service delivery.