House of Assembly: Thursday, July 03, 2008

Contents

SUPERANNUATION DATA

265 Mr HAMILTON-SMITH (Waite—Leader of the Opposition) (23 October 2007). With respect to 2007-08 Budget Paper 3—page 5.11, what is the projected data for table 5.11 for each year to 2034?

The Hon. K.O. FOLEY (Port Adelaide—Deputy Premier, Treasurer, Minister for Industry and Trade, Minister for Federal/State Relations): I am advised that due to limited information being available in relation to schemes not administered by the SA Government, the projected data for Table 5.11 for each year to 2034 cannot be provided. However, I can provide the requested information for the State's Defined Benefit Superannuation Scheme.

The SA Government is committed to fully funding its superannuation liability by 2034. The table highlights that the SA Government is on target to meet this commitment.

The table provided below shows projections to year 2034 for the state's defined benefit superannuation schemes as at the 2007-08 Budget.

Information on the estimated unfunded superannuation liability was updated as part of the 2007-08 MYBR. Further updates will be provided in the 2008-09 and future budgets.

Defined benefit schemes superannuation liabilities
Accrued Liability$m Assets$m Net liability$m
2007 11,929.8 6,188.7 5,741.1
2008 12,205.5 6,414.9 5,790.6
2009 12,451.3 6,620.4 5,830.9
2010 12,665.5 6,804.1 5,861.4
2011 12,845.3 6,964.1 5,881.2
2012 12,992.8 7,103.2 5,889.6
2013 13,109.9 7,224.3 5,885.6
2014 13,191.5 7,323.3 5,868.2
2015 13,238.1 7,401.7 5,836.3
2016 13,256.2 7,467.2 5,788.9
2017 13,242.7 7,518.1 5,724.6
2018 13,204.7 7,562.6 5,642.1
2019 13,141.2 7,601.6 5,539.6
2020 13,058,3 7,642.7 5,415.6
2021 12,995.6 7,687.5 5,268.3
2022 12,840.2 7,744.9 5,095.3
2023 12,708.5 7,813.8 4,894.8
2024 12,562.9 7,898.8 4,664.2
2025 12,406.6 8,005.7 4,400.9
2026 12,239.0 8,136.9 4,102.1
2027 12,065.0 8,300.2 3,764.8
2028 11,883.6 8,498.2 3,385.4
2029 11,701.9 8,741.5 2,960.4
2030 11,521.7 9,035.8 2,485.9
2031 11,351.6 9,394.1 1,957.5
2032 11,202.6 9,831.8 1,370.5
2033 11,074.8 10,354.9 719.0
2034 10,969.7 10,969.7 (0.0)