Correct.
I was working in Canberra in the 1980s. A friend from uni was working as a researcher in the policy section of social security ( I cannot remember the department's name). She was handed a research-policy paper from the Parliamentary Library or the Australian National University (I cannot remember which), and asked to check the data and analysis.
Bottom line - the paper provided a 10, 20, 30, 40 and 50-year projection of Australia's population size and age distribution and its potential impact on social security payments (in then current dollars). The financial costs to social security at 50 years ahead were astronomical. The paper recommended that all workers be forced to join a super fund, and so by year 20XX the old age pension could be abolished. Etc., etc. Of course, there is the issue of the elderly who never worked in Australia, and I cannot remember how that was dealt with.
Thus, the current compulsory employee superannuation idea can into being in the early 1990s.