If you were conducting an actuarial valuation for an Australian defined benefit superannuation fund, what assumption for
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Question:
If you were conducting an actuarial valuation for an Australian defined benefit superannuation fund, what assumption for salary (wage) inflation would you use? In particular, consider a fund whose members are employed in the university sector, with a valuation date of 30 June 2023. Justify your answer through consideration of issues such as consumer price inflation, inflation expectations (adaptive and rational), and the relationship between consumer prices and wage inflation.
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