Reserve Bank governor Glenn Stevens says there should be more scrutiny into how Australia's $1.5 trillion superannuation system is run.
In his semi-annual testimony to a parliamentary committee, Mr Stevens said the RBA questioned whether more scrutiny of the superannuation system was needed in recent its submission to the federal government's Financial System Inquiry.
Australia's superannuation system had become much larger since the last inquiry in 1996 but much of the scrutiny remained on the banking system instead, he said.
"There's a lot of focus on bank fees and the costs of running the banking system and that's fair enough," Mr Stevens said.
"It's fair enough for there to be that scrutiny, but we felt, really, that quantitatively, the same sort of scrutiny should apply to how much does it cost us to run a system that's managing what is it, a trillion-and-a-half dollars of the community's savings - and it's set to grow.
"Is that all being done as efficiently and cost effectively as it could be?
"We're not asserting an answer, I think we're simply saying this probably is a question worth asking and I think the inquiry is right to put some focus there."
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