Retirement
Public consultation open for retirement income review
Australians are being encouraged to have their say on the state of the current retirement income system as part of the independent review currently taking place.

Public consultation open for retirement income review
Australians are being encouraged to have their say on the state of the current retirement income system as part of the independent review currently taking place.

The Treasury has released its consultation paper for the retirement income review currently taking place, with the paper outlining some of the issues the panel will be considering and is intended as a guide for those making a submission.
“The panel welcomes contributions and invites submissions from the Australian community on the issues and material it should examine as it considers the current state of the retirement income system and how it will perform in the future,” it outlined.
The consultation paper outlines 26 questions as a guide for community responses, but conceded that submissions are not limited to these issues.
It also elaborated on each area the retirement income review intends to probe, providing guidance and clarification on definitions, and which will enable it to establish “a fact base to improve the understanding of how the retirement income system operates”.
Questions are grouped under headings of: the retirement income system; the purpose of the system and role of the pillars; the changing Australian landscape; principles for assessing the system; as well as the system’s adequacy, equity, sustainability and cohesion.
The consultation paper comes after the September announcement from the Morrison government that it would be seeking an independent review of Australia’s retirement income system.
As at 25 November, there are 71 days left for the public to have their say before the 3 February 2020 deadline.
The review is looking at the “three pillars” of the existing retirement income system, being the means-tested Age Pension, compulsory superannuation and voluntary savings such as home ownership.
It comes after the Productivity Commission recommended such a review in its own report, Superannuation: Assessing Efficiency and Competitiveness.
About the author

About the author


Retirement Planning
Retirement time bomb requires complex thinking
The majority of Australia’s super assets now sit in the hands of retirees and pre-retirees, but many require more nuanced investment strategies to achieve the lifestyle they want in retirement, a ne...Read more

Retirement Planning
Why some Millennials are struggling to save for retirement
Millennials are struggling to save for retirement as they face challenges that are different from other generations. What are these reasons? ...Read more

Retirement Planning
Retirement Income Review cornerstone ‘not for everyone’
Despite being the cornerstone of the Retirement Income Review, an expert has highlighted that downsizing and withdrawing equity from a property might not be the solution for all older Australians. ...Read more

Retirement Planning
Effective tips that can help Millennials retire faster
Millennials have changed the cultural and societal landscapes of the world. This is unsurprising, given the fact that they are the best educated and most diverse generation in history. ...Read more

Retirement Planning
What you need to know to get ahead financially
Australians looking to get ahead are being advised to analyse their financial situation, set financial goals and reduce debt whenever possible. ...Read more

Retirement Planning
How to adjust your wealth strategy during COVID
Investors are being urged to be conservative about spending, reduce debt and be careful of assets that are supported by government spending, as they look to adjust their wealth strategies during the f...Read more

Retirement Planning
Should older Australians downsize their property?
Older Australians face the dilemma of not being confident about their retirement outcomes, but are among the wealthiest retirees in the world due to a large proportion of their wealth being tied up i...Read more

Retirement Planning
Self-funded retirees ‘hung out to dry’ by 2020 budget
The Association of Independent Retirees has slammed last night’s federal budget release, accusing the government of overlooking older Australians in its post-COVID-19 recovery plans. ...Read more

Retirement Planning
Retirement time bomb requires complex thinking
The majority of Australia’s super assets now sit in the hands of retirees and pre-retirees, but many require more nuanced investment strategies to achieve the lifestyle they want in retirement, a ne...Read more

Retirement Planning
Why some Millennials are struggling to save for retirement
Millennials are struggling to save for retirement as they face challenges that are different from other generations. What are these reasons? ...Read more

Retirement Planning
Retirement Income Review cornerstone ‘not for everyone’
Despite being the cornerstone of the Retirement Income Review, an expert has highlighted that downsizing and withdrawing equity from a property might not be the solution for all older Australians. ...Read more

Retirement Planning
Effective tips that can help Millennials retire faster
Millennials have changed the cultural and societal landscapes of the world. This is unsurprising, given the fact that they are the best educated and most diverse generation in history. ...Read more

Retirement Planning
What you need to know to get ahead financially
Australians looking to get ahead are being advised to analyse their financial situation, set financial goals and reduce debt whenever possible. ...Read more

Retirement Planning
How to adjust your wealth strategy during COVID
Investors are being urged to be conservative about spending, reduce debt and be careful of assets that are supported by government spending, as they look to adjust their wealth strategies during the f...Read more

Retirement Planning
Should older Australians downsize their property?
Older Australians face the dilemma of not being confident about their retirement outcomes, but are among the wealthiest retirees in the world due to a large proportion of their wealth being tied up i...Read more

Retirement Planning
Self-funded retirees ‘hung out to dry’ by 2020 budget
The Association of Independent Retirees has slammed last night’s federal budget release, accusing the government of overlooking older Australians in its post-COVID-19 recovery plans. ...Read more