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Do Government Benefits for High Income Retirees Encourage Saving?

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  • Peter Siminski

    () (University of Wollongong)

Abstract

The Australian government provides benefits to high income older people, which are intended to induce saving for retirement. It has not been established whether this unusual policy is effective. Using an illustrative two-period model, it is shown that these benefits may induce some people to save and work more, but they may have the opposite effect on other, more affluent, people. The magnitude and direction of the net effect on private saving remains an open empirical question. The policy may have increased Commonwealth government expenditure on relatively affluent older people and reduced state government expenditure on people with slightly less resources.

Suggested Citation

  • Peter Siminski, 2009. "Do Government Benefits for High Income Retirees Encourage Saving?," Australian Journal of Labour Economics (AJLE), Bankwest Curtin Economics Centre (BCEC), Curtin Business School, vol. 12(3), pages 247-261.
  • Handle: RePEc:ozl:journl:v:12:y:2009:i:3:p:247-261
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    References listed on IDEAS

    as
    1. Peter B. Dixon & Maureen T. Rimmer, 2006. "The Displacement Effect of Labour-Market Programs: MONASH Analysis," The Economic Record, The Economic Society of Australia, vol. 82(s1), pages 26-40, September.
    2. James Giesecke & G.A. Meagher, 2008. "Modelling the Economic Effects of Population Ageing," Centre of Policy Studies/IMPACT Centre Working Papers g-172, Victoria University, Centre of Policy Studies/IMPACT Centre.
    3. Shah, C & Burke, G, 2005. "Skills Shortages: Concepts, Measurement and Policy Responses," Australian Bulletin of Labour, National Institute of Labour Studies, vol. 31(1), pages 44-71.
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    More about this item

    Keywords

    Intertemporal Consumer Choice; Life Cycle Models and Saving Fiscal Policies and Behavior of Economic Agents: Household;

    JEL classification:

    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • H31 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Household

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