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Australia's retirement income system to be reviewed

Retirement review. Source: SBS

The federal government is to undertake a major review into the Age Pension, compulsory superannuation and voluntary savings. While the opposition Labor Party says it fears it could result in cuts to retirement incomes, Seniors advocates support the inquiry but say more needs to be done to ensure all Australians can retire comfortably.

For the first time in three decades, a major review of Australia's retirement income system is being undertaken.

It will look at the relationship between the age pension, compulsory superannuation and voluntary savings including home-ownership.

A panel of independent experts will investigate exactly what's helping - or hurting - retirees.

Treasurer Josh Frydenberg says the review will look at the existing system.

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