Public consultation open for retirement income review

By Grace Ormsby

November 25 2019
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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

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

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Retirement