Jul 15, 2026 – 5.00amSuperannuation funds are piling into risky fixed-income assets such as high-yield bonds and private credit to cater to the needs of ageing members, but a big four banking chief says they may lack the skills to navigate a severe downturn.The $4.5 trillion sector has been increasing its allocation to higher-yield fixed income, including private credit, after decades of shunning the asset class in favour of infrastructure and private equity.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles