A combination of the super guarantee supplemented with a means tested Age Pension incurs a significantly lower budget cost than providing a similar retirement income via a more generous publicly funded age pension, new independent analysis by Rice Warner Actuaries shows.
The Rice Warner report found the Superannuation Guarantee will save the budget $17 billion this year, rising to $100 billion, (in current dollars) by 2058.
The new report, commissioned by Industry Super Australia, assesses various policy scenarios using a comprehensive group based fiscal model that considers all relevant variables including the impact of the super guarantee on the age pension, personal wealth, income and company taxes.
Read the report here
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