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Australia's mandatory retirement saving policy : a view from the new millennium

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Author Info

  • Bateman, Hazel
  • Piggott, John

Abstract

Formal retirement income provision in Australia, can be traced back to occupational schemes first offered by banks, and state governments in the nineteenth century. However, the year 1909 marks the beginning of a national retirement income policy, with the introduction of means-tested age pension. Since then, retirement income provision has evolved into a multi-pillar arrangement comprising the Age Pension, occupational annuity, and other long term saving through property, shares, and managed funds. The 1990s saw the introduction of private mandatory retirement saving in the form of the"Superannuation Guarantee". With this introduction, Australia joined a growing group of countries which center their retirement income policy, on private mandatory retirement saving. This paper provides a succinct description of the current system along with an analysis of its strengths, and areas where improvement is still needed.

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Bibliographic Info

Paper provided by The World Bank in its series Social Protection Discussion Papers with number 23160.

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Date of creation: 31 Mar 2001
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Handle: RePEc:wbk:hdnspu:23160

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Keywords: Economic Theory&Research; Environmental Economics&Policies; Banks&Banking Reform; Business in Development; Business Environment;

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Cited by:
  1. Whitehouse, Edward, 2001. "Pension systems in 15 countries compared: the value of entitlements," MPRA Paper 14751, University Library of Munich, Germany.
  2. Disney, Richard & Whitehouse, Edward, 2001. "Cross-country comparisons of pensioners’ incomes," MPRA Paper 16345, University Library of Munich, Germany.
  3. Garry F. Barrett & Yi-Ping Tseng, 2008. "Retirement Saving in Australia," Canadian Public Policy, University of Toronto Press, vol. 34(s1), pages 177-193, November.

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