Why Australia’s pension system is not a good international model
Queensland University of Technology
In this paper, the author challenges claims attributed to two UK pensions experts, that Australia’s pension system is worthy of praise and emulation. The author describes the mismatch between the pensions system introduced by the Australian government and the associated system for regulating it and protecting members’ interests. He says that as a result of this mismatch, there is virtually no pressure to ensure that members derive optimum benefits from their pension funds, and accordingly he predicts that the present system will fail to adequately provide for most members’ retirement, with the result that the national government may still be called upon to significantly fund the retirement incomes of an ageing population.