Coronavirus (COVID-19) updates from the Australian Government

Treasury submission to the inquiry into superannuation and standards of living in retirement

Date
Publication type

Downloads

This submission discusses the key features of Australia’s retirement income system, and the policy and institutional context within which it functions. Reflecting Treasury’s core portfolio responsibilities, the main focus of the submission is on the implications for retirement incomes of the current superannuation framework and the taxation regime applying to superannuation. The submission discusses the determinants of retirement living standards and issues associated with their measurement, and also presents the results of quantitative analysis of the adequacy of retirement incomes under the combination of the current Superannuation Guarantee and Age Pension arrangements. The submission does not endeavour to address specific issues associated with the aged and health care needs of older Australians, these issues falling more directly within the portfolio responsibilities of the Department of Health and Aged Care.