Reforming the Australian Retirement System
Author | : Steven A. Sass |
Publisher | : |
Total Pages | : 14 |
Release | : 2004 |
Genre | : Individual retirement accounts |
ISBN | : |
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Author | : Steven A. Sass |
Publisher | : |
Total Pages | : 14 |
Release | : 2004 |
Genre | : Individual retirement accounts |
ISBN | : |
Author | : Diana Warren |
Publisher | : |
Total Pages | : 38 |
Release | : 2008 |
Genre | : Older people |
ISBN | : 9780734032911 |
Author | : David Ingles |
Publisher | : |
Total Pages | : 20 |
Release | : 2017 |
Genre | : |
ISBN | : |
Australia's retirement income system combines private and public provision for old age. Retirees rely on private (but highly regulated) superannuation saving that attracts large tax concessions; a public, means-tested age pension; home ownership; and other private savings. Despite recent changes intended to make the system fairer and more fiscally sustainable, Australia's retirement income system still lacks coherence, produces inequitable outcomes and creates high effective tax rates on work and saving. This article proposes a more coherent approach to address fairness, reduce the effective tax rates on work and saving and provide adequate earnings replacement rates with greater fiscal sustainability than is delivered in the recent reforms.
Author | : |
Publisher | : |
Total Pages | : |
Release | : 2009 |
Genre | : Old age pensions |
ISBN | : |
Author | : Matarr Njie |
Publisher | : |
Total Pages | : 39 |
Release | : 2007 |
Genre | : |
ISBN | : |
This paper uses the Malmquist Productivity Index-type DEA technique to measure the efficiency levels in Australia's retirement income system over the period 2000-2005. It covers important segments of the industry focusing on the different fund types and analyses market dynamics under Australia's financial reforms of its pension system. The paper describes the competitive nature of the industry and provides an empirical analysis of the nature of the technical and scale efficiency and the factors driving these efficiencies and finds that overall, the reforms have had efficiency-enhancing effects. Contrary to popular theory, the paper also finds that a key driver of the changes in efficiency in the retirement income system in Australia include the government, which suggests that despite the number of financial reforms introduced since 1992, government interventions can still have positive influences on the country's pension system.
Author | : Allan Borowski |
Publisher | : |
Total Pages | : 0 |
Release | : 2009 |
Genre | : |
ISBN | : |
In the 1980s, Australia's retirement income system became the subject of ongoing reform. A number of the reform objectives were quite revolutionary but some remain much further from realization than was expected, with major consequences for future retirees. In this sense, Australia's retirement income revolution has faltered. This paper (1) outlines the main features of Australia's retirement income system prior to the 1980s, (2) presents the reform objectives and explains the sense in which they were "revolutionary", (3) describes some of the major changes, their achievements, and how and why a number remain further from realization than expected, (4) considers two more recent objectives and (5) outlines the challenges that remain.
Author | : C. Strano |
Publisher | : |
Total Pages | : |
Release | : 2016 |
Genre | : |
ISBN | : |
To combat the economic and social risks associated with an aging population, many countries over the past decade have implemented significant pension reforms which have included increasing age requirements for pension benefits, changing the way in which entitlements are calculated and introducing compulsory savings. The World Bank's leading involvement in pension reform, globally, has identified that the main objectives of a pension system continues to be poverty alleviation and consumption smoothing - beneath the umbrella of social protection. This paper reviews the Australian and Hong Kong's retirement income systems using the World Bank's Pension Conceptual Framework. It then considers each country's system in terms such as adequacy, affordability, sustainability, equitability, predictability and robustness.
Author | : |
Publisher | : |
Total Pages | : 0 |
Release | : 2013 |
Genre | : |
ISBN | : |
Australiaâ€TMs retirement income system is regarded by some as among the best in the world. It has achieved high individual saving rates and broad coverage at reasonably low cost to the government. Australiaâ€TMs system does have shortcomings. It is heavily dependent on defined contribution plans and is vulnerable to weaknesses in such programs. Its government old-age pension is a means-tested benefit, which creates potentially troublesome incentives for workers with defined contribution accounts. This brief provides an overview of the system and recent reforms. The first section presents the Australian system. The second section reviews recent reforms, which have focused on the individual account component of the system. The third section discusses outstanding issues. The fourth section offers some potential lessons for the U.S. retirement system. The final section concludes that the recent reforms should strengthen Australiaâ€TMs system and provide lessons to other nations that increasingly depend on 401(k)-type individual accounts.
Author | : Todd Morris |
Publisher | : |
Total Pages | : 0 |
Release | : 2019 |
Genre | : |
ISBN | : |
As many governments raise eligibility ages for retirement benefits, there are concerns that such reforms disproportionately affect poorer households. In this paper, I examine the distributional effects of a 1994 Australian reform that increased women's pension-eligibility age from 60 to 65. Using detailed longitudinal data, I find strong negative effects on household incomes for low-to-middle-income households but little impact on high-income households. The unequal impacts meant that, among affected households, the reform increased relative poverty rates by 33 to 39 percent and inequality measures by 12 to 15 percent. These results demonstrate that such reforms can be significantly regressive.
Author | : Rafal Chomik |
Publisher | : |
Total Pages | : 24 |
Release | : 2020 |
Genre | : |
ISBN | : |
Australia has an atypical retirement income system: it comprises a flat-rate, non-contributory, affluence-tested age pension, and a mandatory, defined contribution accumulation plan to which employers must contribute 9.25 percent (moving to 12 percent) of wages on behalf of their employees. We briefly compare the Australian and US economies and demographies, and then describe the Australian arrangements and assess its econ efficiency and efficacy in delivering retirement support. We focus especially on the means testing of the first pillar in Australia and the mandated membership of pre-funded private pension plans. We conclude by considering insights for the evolution of the US pension reform debate as demographic change unfolds.