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Retirement Saving in Australia

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Author Info

  • Garry Barrett
  • Yi-Ping Tseng

Abstract

Australia’s retirement income system has several distinctive features – most notably a policy of government mandated private saving and a means-tested Age Pension – which have gained increasing international attention. This paper provides an overview of the institutional features of the retirement income system in Australia, including details of the development and operation of the policy of forced retirement saving. The role of the different tiers of system in accounting for the income of the current cohort of seniors is examined using the Australian Bureau of Statistics Household Expenditure Survey. The economic position of adjacent, younger cohorts is also considered. The final section canvasses a selection of reform proposals emerging from the public debate over the future of Australia’s retirement income system.

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File URL: http://socserv.mcmaster.ca/sedap/p/sedap177.pdf
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Bibliographic Info

Paper provided by McMaster University in its series Social and Economic Dimensions of an Aging Population Research Papers with number 177.

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Length: 23 pages
Date of creation: Feb 2007
Date of revision:
Handle: RePEc:mcm:sedapp:177

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Keywords: retirement income; social security; forced saving;

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References

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  1. Productivity Commission, 2005. "Economic Implications of an Ageing Australia," Labor and Demography 0506001, EconWPA.
  2. Feldstein, Martin S, 1974. "Social Security, Induced Retirement, and Aggregate Capital Accumulation," Journal of Political Economy, University of Chicago Press, vol. 82(5), pages 905-26, Sept./Oct.
  3. Orazio P. Attanasio & Agar Brugiavini, 2003. "Social Security And Households' Saving," The Quarterly Journal of Economics, MIT Press, vol. 118(3), pages 1075-1119, August.
  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. Bateman,Hazel & Kingston,Geoffrey & Piggott,John, 2001. "Forced Saving," Cambridge Books, Cambridge University Press, number 9780521484718, October.
    • Bateman,Hazel & Kingston,Geoffrey & Piggott,John, 2001. "Forced Saving," Cambridge Books, Cambridge University Press, number 9780521481625, October.
  6. Orazio Attanasio & Susanne Rohwedder, 2001. "Pension wealth and household saving: evidence from pension reforms in the UK," IFS Working Papers W01/21, Institute for Fiscal Studies.
  7. Hazel Bateman & John Piggott, 1997. "Private Pensions in OECD Countries: Australia," OECD Labour Market and Social Policy Occasional Papers 23, OECD Publishing.
  8. 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.
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Cited by:
  1. Cobb-Clark, Deborah A. & Hildebrand, Vincent A., 2009. "Portfolio Allocation in the Face of a Means-Tested Public Pension," IZA Discussion Papers 4481, Institute for the Study of Labor (IZA).

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