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The Economic Impact of the Proposed National Superannuation Scheme for Australia

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  • RICHARD HEMMING

Abstract

Employing a framework commonly used in the analysis of Government tax‐transfer programmes, an attempt is made to assess the proposed National Superannuation Scheme for Australia. It is argued that the scheme would almost totally relieve poverty amongst pensioners, as well as being likely to reduce income inequality in a more general sense and compensate for fundamental failures in the capital market. However, the scheme does not compensate for a major failure in the insurance market which, if it did, would provide a justification for one important aspect of the scheme, namely earnings related benefits.

Suggested Citation

  • Richard Hemming, 1979. "The Economic Impact of the Proposed National Superannuation Scheme for Australia," The Economic Record, The Economic Society of Australia, vol. 55(4), pages 306-316, December.
    • Handle: RePEc:bla:ecorec:v:55:y:1979:i:4:p:306-316
    DOI: 10.1111/j.1475-4932.1979.tb02235.x
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    References listed on IDEAS

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    1. Philip Cagan, 1965. "Possible Effects of Pension Plans on Aggregate Personal Saving," NBER Chapters, in: The Effect of Pension Plans on Aggregate Saving: Evidence from a Sample Survey, pages 1-7, National Bureau of Economic Research, Inc.
    2. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66, pages 467-467.
    3. Pritchard, Hugh & Saunders, Peter, 1978. "Poverty and Income Maintenance Policy in Australia-A Review Article," The Economic Record, The Economic Society of Australia, vol. 54(145), pages 17-31, April.
    4. Philip Cagan, 1965. "The Effect of Pension Plans on Aggregate Saving: Evidence from a Sample Survey," NBER Books, National Bureau of Economic Research, Inc, number caga65-2, March.
    5. Boskin, Michael J, 1977. "Social Security and Retirement Decisions," Economic Inquiry, Western Economic Association International, vol. 15(1), pages 1-25, January.
    6. Feldstein, Martin S, 1974. "Social Security, Induced Retirement, and Aggregate Capital Accumulation," Journal of Political Economy, University of Chicago Press, vol. 82(5), pages 905-926, Sept./Oct.
    7. Philip Cagan, 1965. "Possible Effects of Pension Plans on Aggregate National Saving," NBER Chapters, in: The Effect of Pension Plans on Aggregate Saving: Evidence from a Sample Survey, pages 76-80, National Bureau of Economic Research, Inc.
    8. Hugh Pritchard & Peter Saunders, 1978. "Poverty and Income Maintenance Policy in Australia—A Review Article," The Economic Record, The Economic Society of Australia, vol. 54(1), pages 17-31, April.
    9. Diamond, P. A., 1977. "A framework for social security analysis," Journal of Public Economics, Elsevier, vol. 8(3), pages 275-298, December.
    10. Brittain, John A, 1972. "The Incidence of the Social Security Payroll Tax: Reply," American Economic Review, American Economic Association, vol. 62(4), pages 739-742, September.
    11. Atkinson, A B, 1970. "National Superannuation: Redistribution and Value for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 32(3), pages 171-185, August.
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    Cited by:

    1. Peter J. Phillips, 2011. "Will Self‐Managed Superannuation Fund Investors Survive?," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 44(1), pages 51-63, March.
    2. Richard Hemming, 1981. "Market Failure and Superannuation—A Reply," The Economic Record, The Economic Society of Australia, vol. 57(1), pages 89-90, March.
    3. R. L. Jones & K. R. Page, 1981. "Market Failure and Superannuation — A Comment," The Economic Record, The Economic Society of Australia, vol. 57(1), pages 86-88, March.
    4. John Creedy & Richard Disney, 1989. "The Australian Pension Scheme: Some Basic Analytics," The Economic Record, The Economic Society of Australia, vol. 65(4), pages 357-368, December.

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