Australian Superannuation System Overview
Explore the evolution of the Australian superannuation system from voluntary to compulsory contributions, comprising three pillars of retirement income. Discover what's working well and what changes are on the horizon to enhance the system for both individuals and the overall structure.
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Presentation Transcript
The Australian Superannuation System June 2022
Pension history in Australia Superannuation plays a major role in Australia s three pillar retirement income system Voluntary superannuation dates back to the late 1800 s (but was limited) Compulsory superannuation contributions payable by an employer became law in 1992 Why change
Three pillars of retirement income Voluntary Savings Compulsory Superannuation Government funded Aged Pension (means tested)
Whats working well in the Australian system Government-mandated contributions Competition Defined contribution accounts Good governance
Is it working For the system For individuals What is changing to help
