Australia is home to the world’s fastest-growing retirement savings pool, known locally as superannuation, or “super.” The industry’s total assets increased 9.1% in the year to June, and includes funds accumulated by government and private-sector workers.
The Australian government proposed a raft of changes for the nation’s A$3.9 trillion pension industry, to prepare for the retirement of an estimated 2.5 million people over the next decade.
The planned reforms were announced by Treasurer Jim Chalmers at a pensions industry conference on Wednesday. The changes include giving Australians access to more online resources and information about their retirement options, and better retirement products. Regulations will be updated in the coming years, and the government is also planning a new reporting framework for retirement outcomes.
