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Retirement Saving in Australia

Author

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  • 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.

Suggested Citation

  • Garry Barrett & Yi-Ping Tseng, 2007. "Retirement Saving in Australia," Social and Economic Dimensions of an Aging Population Research Papers 177, McMaster University.
  • Handle: RePEc:mcm:sedapp:177
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    File URL: http://socserv.mcmaster.ca/sedap/p/sedap177.pdf
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    References listed on IDEAS

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    1. 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.
    2. Bateman,Hazel & Kingston,Geoffrey & Piggott,John, 2001. "Forced Saving," Cambridge Books, Cambridge University Press, number 9780521484718, March.
      • Bateman,Hazel & Kingston,Geoffrey & Piggott,John, 2001. "Forced Saving," Cambridge Books, Cambridge University Press, number 9780521481625, May.
    3. Productivity Commission, 2005. "Economic Implications of an Ageing Australia," Labor and Demography 0506001, EconWPA.
    4. Hazel Bateman & John Piggott, 1997. "Private Pensions in OECD Countries: Australia," OECD Labour Market and Social Policy Occasional Papers 23, OECD Publishing.
    5. 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.
    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. Bateman, Hazel & Piggott, John, 2001. "Australia's mandatory retirement saving policy : a view from the new millennium," Social Protection and Labor Policy and Technical Notes 23160, The World Bank.
    8. Orazio P. Attanasio & Agar Brugiavini, 2003. "Social Security and Households' Saving," The Quarterly Journal of Economics, Oxford University Press, vol. 118(3), pages 1075-1119.
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    Citations

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    Cited by:

    1. Atalay, Kadir & Barrett, Garry F., 2016. "Pension Incentives and the Retirement Decisions of Couples," IZA Discussion Papers 10013, Institute for the Study of Labor (IZA).
    2. Deborah A. Cobb‐Clark & Vincent A. Hildebrand, 2011. "Portfolio Allocation In The Face Of A Means‐Tested Public Pension," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 57(3), pages 536-560, September.
    3. Zhu, Rong, 2016. "Retirement and its consequences for women's health in Australia," Social Science & Medicine, Elsevier, vol. 163(C), pages 117-125.
    4. repec:bla:econpa:v:36:y:2017:i:1:p:17-31 is not listed on IDEAS

    More about this item

    Keywords

    retirement income; social security; forced saving;

    JEL classification:

    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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