Australia on track for pension payments to shrink from 2.3% of GDP to 2% by 2062-63 as superannuation balances balloon
Australia is projected to spend proportionately less on the age pension thanks to superannuation despite a projected doubling of people aged 65 and older, the intergenerational report will show.
Australia is on track for pension payments to shrink from 2.3% of gross domestic product today to just 2% by 2062-63, as superannuation balances balloon from 116% of GDP today to about 218%. “The age pension is among the Australian government’s largest spending programs, and this trend will contribute significantly to the sustainability of the budget,” the report says.
“Super is delivering on its promise – providing a better retirement for more Australians and a better outcome for the budget over the next 40 years,” he said.In Februaryit will reduce tax concessions on earnings from super balances above $3m.
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