The Government has commissioned an independent review of the retirement income system to ensure Australians are well-supported during their retirement.

Review Of The Retirement Income System

The Productivity Commission had recommended this review in their report Superannuation: Assessing Efficiency and Competitiveness. The review will focus on the three pillars of the existing retirement income system, which are the Age pension, compulsory superannuation and voluntary savings. It will cover the current state of the system and how it will perform in the future as Australians live longer and the population ages.

It will further establish a fact base of the current retirement income system that will improve understanding of its operation and the outcomes it is delivering for Australians.

The Retirement Income Review will identify the following:

  • how the retirement income system supports Australians in retirement,
  • the role of each pillar in supporting Australians through retirement,
  • distributional impacts across the population and over time, and
  • the impact of current policy settings on public finances.

The review will be conducted by an independent three-person panel. A consultation paper will be released November 2019 and its final report provided to the government by June 2020.

Source: Treasurer’s media release, 27 September 2019.