COTA A’s submission to Retirement Income Review available online
2 Mar 2020
We invite you to read COTA Australia’s submission into the Retirement Income Review.
COTA Australia welcomes the opportunity to provide input into the Retirement Income Review. The Review will consider both the three pillars of our retirement incomes system (the age pension, compulsory superannuation and private savings), and their interactions; and will consider the extent to which the system as a whole:
- enables all Australians to achieve adequate retirement incomes;
- is fiscally sustainable; and
- provides appropriate incentives for self-provision in retirement
COTA Australia has long called for a Review of this kind which will for the first time consider not only the individual components of Retirement Income policy but will also look holistically at all three retirement income pillars and how the three pillars interact and do or do not complement each other.
We envisage a system that is simple, adequate, fair and fiscally sustainable. Our view is that there are a number of ways to improve the current system to achieve this vision. This submission explores the key issues.
- Our Retirement Income System should unequivocally prevent poverty among older Australians.
- Retirement Income policy is about income in retirement, not a savings plan for other purposes.
- Consumers are asking for a simple, sensible, fair and stable retirement income system.
- Every dollar of wages earned deserves the same amount of superannuation paid, no matter the relationship and status under which you are employed, or your age.
- COTA submits that in a modern Australia, every dollar earned from work should include an equitable amount of superannuation.
Click to read the full submission Retirement-Income-Review.