Telstra chief executive Andy Penn said there needed to be "structural changes" to superannuation to allow for more of Australia's $2 trillion in savings to be invested in start-up companies.

Mr Penn said despite the country's superannuation system being "the envy of many countries around the world", the positive effect it could have on the economy through investment in innovation was limited by rules around liquidity.

"The future is digital and that is not something Australia can opt out of," Telstra CEO Andy Penn said. Credit:Louie Douvis

In an oration in honour of Charles Todd, the man who oversaw the creation of the Overland Telegraph from Darwin to Adelaide in the 1870s, in Sydney on Thursday, Mr Penn laid out four ideas to help Australia become a "world-class technology nation".

Mr Penn said start-ups in Australia lacked support across the "complete cycle" of the establishment of a business.