Australia has a three-pillar based retirement system consisting of the Superannuation Guarantee Levy (SGL), Private Savings and the Age Pension. The purpose of this paper is to assess the impact on the retirement standard of living of Australian households by considering all of the components of...

The Australian SGL system impacts many aspects of Australians' well-being through reduced wages to fund the SGL contributions, an enhanced retirement standard of living, government costs of the Age Pension system, employment in the financial services industry and providing a pool of capital for...

Australia introduced the Superannuation Guarantee Levy (SGL) in 1992 as a major component of the retirement system. The SGL system requires employers to make contributions to an approved superannuation fund on behalf of employees as a percentage of wages with the contribution rate being...

Pillar 2 of the Australian retirement system was introduced in 1993 with contributions made by employers as a percentage of wages to be accumulated for employees until retirement. As originally introduced, the effect of this Pillar 2 system would have been to perpetuate wealth and income...

The determination of retirement adequacy is of interest to governments in setting policies related to government transfers, but different measures can result in different outcomes. This paper uses a broad definition of the components that contribute to retirement adequacy and shows that in...

The ageing of Australia's population and the maturing of the Australian Superannuation Guarantee Levy system means that there will be greater amounts of funds available to retirees to fund their retirement income needs. A guaranteed lifetime annuity is often cited as the ideal solution for the...

The Australian Prudential Regulatory Authority (APRA) has introduced for MySuper products a publicly available comparison of investment performance over three-year rolling periods and will be introducing a similar longer-term comparison under the Your Future Your Super Performance Test. The...

Analysis by Evans & Razeed (2019) showed that to achieve a reasonable standard of living in retirement, in addition to the Pillar 2 compulsory system (SGL), Australians would need to contribute during their working life to private savings, but the contribution would be significantly reduced if...

Whilst the concept of an asset-based welfare system developed formally in the 1950s there is evidence in Australia that the philosophy developed well before then and has continued through advantages for those able to acquire a home over those that cannot in the retirement system. The net cost to...

The Your Future Your Super reforms introduced in June 2021 include an investment performance test (YFYSPT) for MySuper products initially, but the Australian Prudential Regulatory Authority (APRA) intends to extend the YFYSPT to other superannuation products from 2022. This paper assesses the...