Cooper Review in its latest review has recommended that changes in the superannuation system of Australia could save as much as $1 billion every year. This is possible since unnecessary costs can be reduced through this

In line with the recommendations of Cooper's Review is a report titled SuperStream. As per this report, if standard electronics is adopted then the costs can go down by as much as 20 per cent in specific cases. Taken for the whole industry, it could save $660 million if the SwimEC standards are adopted in full.

Meanwhile, the review has also said that by just implementing the standard business reporting (SBR), $800 million could be saved. SBR helps in reduction of business reporting to government.

Copper's review also informed that because of updating of the back office processes substantial savings can be provided to the members for better usage.

However, adoption of SBR should be voluntary and no forceful implementation need be applied.

Estimates show that the superannuation industry of Australia has to bear $3.5 billion as processing cost annually. Most of this is used in the benefit payment system and member support activities followed by contribution management and reporting services.