Release of Pension Review Report and Retirement Incomes Report

The findings of the review of Australia’s pension system and the review of retirement incomes were today officially released by the Australian Government.

The Pension Review was undertaken by Dr Jeff Harmer in the context of the broader inquiry into Australia’s Future Tax System (AFTS) and examined measures to strengthen the financial security of seniors, carers and people with disability.

The AFTS panel’s report on retirement incomes presents the Panel’s broad strategic views of the retirement income system and was completed so that the government could examine the findings of Dr Harmer’s review of pensions in conjunction with a review of other aspects of the retirement income system.

These reports have assisted the Government in developing its long-term reform of Australia’s pension and retirement income systems. A comprehensive approach to strengthen the financial security of seniors, carers and people with disability has been delivered in the 2009-10 Budget through the Secure and Sustainable Pension Reform package.

These reports are an important source of information and direction for the future. We would like to thank all those who have made a contribution to these reports. More than 2,000 Australian pensioners and stakeholder organisations contributed to the Pension Review through their submissions and participation in public forums and focus groups.

We would also like to thank Dr Jeff Harmer, who led the Pension Review, and his department for their hard work, along with the important contribution of the expert Reference Group and the AFTS Review panel, Dr Ken Henry and his department for their work on the retirement incomes paper.

The full details of the Government’s response to these reports can be found at the Budget website (www.budget.gov.au)