COTA Australia has welcomed the announcement of an independent Retirement Incomes Review, which promises an examination of the current policy framework in terms of the outcomes it produces for all retirees and the long-term sustainability of the system. COTA Australia Chief Executive, Ian Yates,said he has been calling for a review of retirement incomes
for the past five years, maintaining that current policies do not produce optimum outcomes for enough older Australians.
Ian Yates commended the review's focus on the interaction between different retirement income sources and the long-term viability of the system.
"Our current system is failing too many and has not evolved with our changing economy and demographics, as well as being unsustainable.
"This review isn't simply about one or two issues, like whether 12% superannuation guarantee is adequate or excessive, or whether the pension asset test taper is correct. These individual issues need to be viewed within a more comprehensive, outcomes focused framework.
"The retirement incomes system is complex. Many older Australians do not rely on a single income source but draw on a variety of resources to support themselves. This is an opportunity to step back and examine the system holistically and ensure that government policies are helping the greatest number of Australians achieve a comfortable retirement at a reasonable cost to taxpayers.
"I'm pleased to see a specific focus on the distributional impacts of retirement incomes policy. We need to build a policy framework that is fair to all over the long term, producing adequate incomes for all those it is intended to help.
The review will present its findings by 30 June, 2020....