Lessons from across the Tasman: Comparing the Australian and New Zealand retirement income systems

Adrian Katz ()
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Adrian Katz: New Zealand Institute of Economic Research, http://www.nzier.org.nz

No 2024/1, NZIER Working Paper from New Zealand Institute of Economic Research

Abstract: Comparing Australia and New Zealand can provide useful lessons in many areas, and retirement income policy is no different. Since 1992, Australia has operated a compulsory savings scheme along with a means-tested government-funded pension to address pensioner poverty. In contrast, New Zealand's system consists of NZ Super – a universal public pension – and KiwiSaver – a voluntary savings scheme introduced in 2007. In our latest Public Good working paper, supported by Te Ara Ahunga Ora Retirement Commission, we compare the two systems and assess them against five key criteria. While both systems have their strengths and weaknesses, the comparison offers important lessons for New Zealand.

Keywords: retirement schemes; pensions; New Zealand; Australia (search for similar items in EconPapers)
JEL-codes: D10 (search for similar items in EconPapers)
Pages: 28 pages
Date: 2024-11-02
New Economics Papers: this item is included in nep-age
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