The retirement income system was substantially changed in the latter part of the last century to respond to one of this century's greater socioeconomic challenges, the ageing of the Australian population. This will increase demand on government support to the aged when the number of individuals of working age is declining. In reviewing the retirement income system, the Panel will focus on the features that are required to best meet the needs of society in the 21st century.
This paper highlights key design issues that, in the Panel's view, would benefit from further community discussion before policy directions are determined. The issues are not exhaustive. The Panel has highlighted issues it considers to be central to the design of the retirement income system as it relates to the request in the Treasurer's letter. Consultation is not limited to these issues, although comments are encouraged on broader issues through the consultation process for the Panel's Consultation paper.