Treasury has released the Retirement Income Review consultation paper. The consultation paper outlines some of the issues the Review Panel will consider in relation to the current state of the retirement income system and how it will perform in the future.
The Review will establish a fact base to help improve understanding of how the Australian retirement income system is operating and how it will respond to an ageing society.
The Panel has identified four principles it proposes to use to assess the performance of Australia’s retirement income system.
- Adequacy – whether the system allows for Australians to achieve an adequate standard of living in retirement.
- Equity – whether the system produces fair outcomes for different groups of Australians.
- Sustainability – whether the system is able to continue to meet its objectives into the future and maintain broad community support.
- Cohesion – whether the incentives across the system reinforce or conflict with the system’s objectives both before and during retirement.
The Review Panel is to report to the Government by June 2020.