Australia bracing for big wave of retirees

Drawdowns from super are forecast to increase to 5.6% of Australia's GDP in the next 40 years. (Image: Harli Marten/Unsplash)

Bloomberg

Sat, 23 Nov 2024

By Amy BainbridgeThe Australian Government is proposing a raft of changes for the nation’s A$3.9 trillion (NZ$4.32t) 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 this week. They 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 Govern...

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