“The last Intergenerational Report set out some stark realities. By the year 2050 there will be twice as many 65-year-olds as today, four times as many 85-year-olds and there will only be 2.7 people of working age for every person aged 65 and over, compared with five people today,” he said.

“These numbers tell a compelling story about our potential future living standards and while we shouldn’t be alarmed, we should be aware,” he added.

Mr Ripoll also pointed to the significant gender imbalance with superannuation savings.

ASFA research published in March 2014, highlights that in 2011/2012 the average account balances for men were $82,165 while for women it was $56,400, he said.

In addition, the same research showed that at retirement the difference in account balances was $92,000, being an average of $197,000 for men compared to $105,000 for women average across all fund types.

“As evidenced by discussions taking place in the parliament, by stakeholders, by commentators and by the public there is a lot of work to be done,” he said.

“If our already good system is to get better and more efficient in keeping pace with the future standard of living so many Australians expect.”