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Contemporary Issues in the Ongoing Reform of the Australian Retirement Income System

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  • David M. Knox

Abstract

The development of a sound and sustainable retirement income system is currently an important social, political and economic issue around the world as many countries face a range of pressures including an ageing population, low national saving levels, maturing Social Security programs and changing employment patterns. As a result of these pressures, the World Bank has advocated a three‐pillar system which is broadly reflected in the current Australian arrangements. However, further reform is planned in Australia. The 1995–96 Federal Budget announced a proposal to introduce compulsory minimum employee contributions of 3 per cent of earnings, together with a matching income‐tested government contribution. The proposal for government contributions is analysed in this article and an alternative approach is proposed. The important related issues of the taxation of superannuation and the integration between superannuation and the government‐funded age pension are also reviewed. As a result, recommendations for change are made to encourage a stable long‐term structure that provides retirement incomes in a simple, affordable and fair manner.

Suggested Citation

  • David M. Knox, 1996. "Contemporary Issues in the Ongoing Reform of the Australian Retirement Income System," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 29(2), pages 199-210, April.
    • Handle: RePEc:bla:ausecr:v:29:y:1996:i:2:p:199-210
    DOI: 10.1111/j.1467-8462.1996.tb00925.x
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    Cited by:

    1. Daina McDonald, 2006. "150 Issues of The Australian Economic Review: The Changing Face of a Journal over Time," Melbourne Institute Working Paper Series wp2006n01, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
    2. Corinne Cortese, 2006. "Taxation and the Australian Superannuation System: An International Comparison," Australian Accounting Review, CPA Australia, vol. 16(39), pages 77-85, July.
    3. CORINNE CORTESE & DAVID AYLWARD & JOHN GLYNN Professor, 2006. "Our Retirement in Their Hands: A User Perspective," Australian Accounting Review, CPA Australia, vol. 16(40), pages 32-40, November.

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