The Government has announced the appointment of a panel to review the existing retirement income system, being the means-tested Age Pension, compulsory superannuation and voluntary savings, including home ownership.
The Review will establish a fact base of the current retirement income system that will improve understanding of its operation and how it will perform in the future as Australians live longer and the population ages.
The Retirement Income Review will identify:
- how the retirement income system supports Australians in retirement;
- the role of each area in supporting Australians through retirement;
- distributional impacts across the population and over time; and
- the impact of current policy settings on public finances.
A consultation paper will be released in November 2019 and the final report provided to Government by June 2020.