More than three quarters of Australians won't have enough superannuation to last them throughout their retirement, a new report from financial services group Deloitte warns.
The report also finds that the increase in compulsory superannuation contributions to 12 per cent - legislation for which was introduced into federal parliament on Wednesday - won't benefit retirees until well after 2030.
Australia's superannuation industry will grow in value to more than $6 trillion by 2030, Deloitte finds in its report, Dynamics of the Australian Superannuation System: the next years 2011-2030.
The estimated super balance for a single male to live a modest lifestyle in retirement is $280,000, according the Association of Superannuation Funds of Australia.
Deloitte Actuaries and Consultants partner Stephen Huppert said the average retirement balance for a single male in 2030 would be only $217,000, meaning he had a 78 per cent chance of living longer than his super could support.
"Clearly, Australians will be relying on the age pension for some time into the future," he said.
"So, it is important that any proposals to deal with the ageing demographic consider the superannuation system and the social security system in unison".
Deloitte partner Wayne Walker said the federal government's increase in the Superannuation Guarantee (SG) to 12 per cent, from the current employer contribution of nine per cent, would deliver an extra $408 billion into super by 2030.
"We will not see the full impact of SG going to 12 per cent for a generation and of itself it is not sufficient to help those people retiring in the next 20 years," he said.
The Deloitte report also found one third of superannuation funds will reside in self-managed super funds (SMSFs) by 2030.