The CSRI Leadership Forum brings together leaders in public policy, industry and academia to debate how to secure a sustainable retirement incomes system for Australia and to explore alternative policy proposals.
The forum aims to develop a holistic reform position, incorporating interactions with health and aged care, and to build a broad coalition of support for this agenda.
While our retirement incomes system has many strengths it also faces significant challenges as millions of baby boomers start retiring:
Many older people will live precariously, especially those without their own homes or who, for health or other reasons, are unable to keep working till pension age.
A quarter of a century since the introduction of compulsory super, serious weaknesses remain in translating accumulated funds into secure income streams that last a lifetime.
A significant gender imbalance in super means women end their working lives with about half the savings of men on average and facing long years on very low incomes.
The system shifts significant risk to individuals ill-equipped to manage it. With financial literacy low, confusion about how much to save and how to manage it is rife.
The sheer complexity of the system, together with the frequency of policy changes, contributes to high transaction costs and undermines confidence.
Rising longevity and increasing years in retirement add to the cost and complexity of the system and highlight the need for affordable aged care.
As a non-aligned group, the CSRI has sought the input of a broad range of prominent industry, consumer and academic experts in developing policies to tackle the above challenges.
Our proposed policy framework will be debated at the Leadership Forum with a view to building support for sustainable retirement incomes policies that go beyond the current budget or electoral cycles.
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