The Treasurer announced a review into the retirement income system on 27 September 2019 and released the terms of reference at the start of the review.
This review was recommended by the Productivity Commission in its report Superannuation: Assessing Efficiency and Competitiveness and comes 27 years after the establishment of compulsory superannuation.
The review was undertaken by an independent panel, chaired by Mr Mike Callaghan AM PSM, with Ms Carolyn Kay and Dr Deborah Ralston as panel members. A public consultation paper was released in November 2019.
The review covers the current state of the system and how it will perform in the future as Australians live longer and the population ages.
The review has considered the incentives for people to self-fund their retirement, the fiscal sustainability of the system, the role of the three pillars of the retirement income system, and the level of support provided to different cohorts across time.
On 20 November 2020 the Hon Josh Frydenberg released the Final report for the Retirement Income Review.
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