Given that balances in superannuation funds are essentially “at call” and can be moved at short notice, these funds need to ensure that they remain quite liquid at all times. This inevitably reduces  BIS central bankers’ speeches  7  the attractiveness of relatively illiquid assets like corporate bonds.
From one perspective it seems slightly curious that long-term retirement savings can be moved at short notice. Over time, there may be a benefit in exploring other arrangements that are more conducive to investments in illiquid assets. Does it matter?