Chalmers unveils sweeping retirement reforms package

InvestorDaily

Treasurer Chalmers has announced a suite of new reforms as the government doubles down on its focus on strengthening retirement outcomes. Speaking at the 2024 ASFA Conference in Sydney on Tuesday morning, Treasurer Jim Chalmers has unveiled the Albanese government’s priorities in reforming the retirement phase of superannuation, noting that the local super system is reaching a “pivotal moment”. According to the Treasurer, Australia faces more than 2.5 million people retiring in the next decade, while within two decades, most people retiring will have been accumulating superannuation at 9 per cent or more annually for the duration of their working lives.

Within the next 40 years, drawdowns from super are also expected to increase from 2.4 per cent of GDP to 5.6 per cent. “As our economy changes, population ages and the super system evolves, more and more Australians will draw down on bigger pools of savings, that they will rely on for longer,” Chalmers told attendees. “Today I am announcing a new package of reforms that will help give retirees peace of mind, help them make their super go further and provide more support to navigate retirement.”

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