According to the Australian Broadcasting Corporation, Australian financial minister Fledenberg (Josh Frydenberg) announced a comprehensive assessment of the Australian retirement income system and does not include household assets in the pension asset test of the Australian welfare system.
This is the first time in 30 years that the Australian savings system has targeted the interaction between pension, occupational pension and individual retirement accounts.
"This is important to clarify Australia`s future policy stance, as it provides a factual basis for Australia`s current policies, particularly with regard to the ageing population, the extension of the life expectancy of the Citizen and the gradual deterioration of the Pension system over time."
However, he quickly made it clear that government would not consider families in the pension asset test.
In 2018, the Productivity Commission urged the government to review the relevant aspects, followed by an increase in pension guarantee rates.
The guarantee is that the amount of professional pension must be paid to employees, which will need to be gradually increased from 9.5 percent to 12 percent by 2025.
However, some people in Australia, including the new state senator Prague (Andrew Bragg), opposed the increase in its proportion, in response to which Fledenberg said the increase in pension protection is still part of the government policy. We do not want the Liberal Party extremist to succeed.
Shadow Finance Minister Chamers (Jim Chalmers) had previously expressed concern about suspending the pension growth survey, saying, "it is clear that government wants to speed up pension cuts and slow down the increase in pension guarantees prescribed by legislation, which is what people working in Australia need and deserve."
