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Retirement Saving in Australia

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  • Garry F. Barrett
  • Yi-Ping Tseng

Abstract

Australia's retirement income system has two distinctive features: a means-tested public pension, and a policy mandating private retirement saving. These programs have gained increasing international attention as countries address the challenges posed by population aging. In this paper the institutional features of the retirement income system in Australia are outlined and contrasted to the Canadian retirement income system, with an emphasis on private incentives to save. The savings behaviour of current Australian retirees is examined, and the expectations of future retirees considered. Lessons from the Australian experience are drawn, which may inform Canada and other countries as they reform their retirement income system.

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Bibliographic Info

Article provided by University of Toronto Press in its journal Canadian Public Policy.

Volume (Year): 34 (2008)
Issue (Month): s1 (November)
Pages: 177-193

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Handle: RePEc:cpp:issued:v:34:y:2008:i:s1:p:177-193

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References

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  1. Productivity Commission, 2005. "Economic Implications of an Ageing Australia," Labor and Demography, EconWPA 0506001, EconWPA.
  2. Orazio P. Attanasio & Agar Brugiavini, 2003. "Social Security And Households' Saving," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 118(3), pages 1075-1119, August.
  3. Orazio Attanasio & Susanne Rohwedder, 2001. "Pension wealth and household saving: evidence from pension reforms in the UK," IFS Working Papers, Institute for Fiscal Studies W01/21, Institute for Fiscal Studies.
  4. Bateman, Hazel & Piggott, John, 2001. "Australia's mandatory retirement saving policy : a view from the new millennium," Social Protection Discussion Papers 23160, The World Bank.
  5. Malcolm Edey & John Simon, 1996. "Australia's Retirement Income System: Implications for Saving and Capital Markets," NBER Working Papers 5799, National Bureau of Economic Research, Inc.
  6. Feldstein, Martin S, 1974. "Social Security, Induced Retirement, and Aggregate Capital Accumulation," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 82(5), pages 905-26, Sept./Oct.
  7. Bateman,Hazel & Kingston,Geoffrey & Piggott,John, 2001. "Forced Saving," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521484718.
  8. Hazel Bateman & John Piggott, 1997. "Private Pensions in OECD Countries: Australia," OECD Labour Market and Social Policy Occasional Papers, OECD Publishing 23, OECD Publishing.
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Cited by:
  1. Deborah A. Cobb-Clark & Vincent Hildebrand, 2009. "Portfolio Allocation in the Face of a Means-Tested Public Pension," Social and Economic Dimensions of an Aging Population Research Papers, McMaster University 260, McMaster University.

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