After declining worldwide since the late 1980s, defined benefits plans will not recover their previous dominance in Australia because they can only be offered by large and stable organisations. Since 1992 Australia has had compulsory superannuation that is mostly privately managed. In addition, several policy measures have unduly weakened defined benefits schemes, especially in the private sector. Rescinding these measures would revitalise defined benefits, and produce a deeper market for privately managed lifetime annuities.