Skip to main content RSS Info Close Search Facebook Twitter
Location
Category
Providers / Vacancies
Feedback

Rudd Government to close the gap on retirement savings

The Rudd Government is looking at “closing the gap” on retirement savings as part of its plan to use inflation-fighting reforms to boost national savings.

The Government has decided against directing $31 billion in income tax cuts through the superannuation system but believes that some families could choose to use the tax dividend to boost their retirement savings.

Superannuation Minister Nick Sherry said that “in terms of superannuation generally there are some adequacy gaps. There’s a very complex set of issues in a defined contribution system. You need to be in the system for 35 years to have adequate contributions”.

“There are significant groups of workers – older workers and women – who are not in the system for that long. My hope is that we will set out measures in which to close the gap in retirement savings in the current system,” Minister Sherry said.

The Rudd Government is expected to announce reforms to self-managed superannuation funds during March prior to the May Budget.

Share this article

Read next

Subscribe

Subscribe to our Talking Aged Care newsletter to get our latest articles, delivered straight to your inbox
  1. Eighty years after getting married, this couple lives together...
  2. Who says your age should limit your dreams?
  3. Data from a recently released report highlights a concerning...
  4. With an ageing and growing population, data from the...
  5. Approximately 411,000 Australians are estimated to be living...
  6. How could you benefit from attending university as an older...

Recent articles

  1. What is a lesser known impact of hearing loss for older...
  2. Are there options for older Australians to live in the same...
  3. The new initiative brings older Aussies together to see the...
  4. A collaboration between Dementia Australia and VistaPrint...
  5. How can you look after yourself during the expected heatwaves...
  6. How is an interactive app being used in aged care settings to...
  7. How could the upcoming strengthening of super standards save...
  8. Brother Thomas Oliver Pickett, a Western Australian volunteer,...
  9. Why is an illegal website targeting older Australians?
  10. Eighty years after getting married, this couple lives together...
  11. How does heart health impact your risk of dementia?
  12. Instead of going to the hospital, could older Australians...
  1. {{ result.posted_at | timeago }}

Sorry, no results were found
Perhaps you misspelled your search query, or need to try using broader search terms.
Please type a topic to search
Some frequently searched topics are "dementia", "elderly" etc
Close