Australia: Highlights from OECD Pensions at a Glance 2009 report – 23 June 2009

Posted on June 24, 2009. Filed under: Aged Care / Geriatrics | Tags: , |

Australia: Highlights from OECD Pensions at a Glance 2009 – 23 June 2009

“Australia’s superannuation funds have been heavily hit by the financial crisis, with real losses of 26.7% in 2008. This is the second worst investment performance for private pensions in the 30 OECD countries, after Ireland.

More than one in four Australian seniors live in poverty on international measures. This is the fourth highest old-age poverty rate in the OECD countries and more than double the OECD average. The OECD welcomes the government’s increase in the age pension to address this problem.”

Pensions at a Glance 2009: Retirement-Income Systems in OECD Countries
ISBN Number: 9789264060715
Publication Date: June 2009
Pages: 280

Press release

“Crisis highlights the need for sweeping pension reforms, says OECD

23/06/2009 – Governments must continue reforms to ensure that public and private retirement income provision is socially as well as financially sustainable,  according to a new OECD report.

With rising unemployment and falling tax revenues squeezing public finances, OECD governments face budget deficits of nearly 9% of national income on average in 2010. This leaves little room for more generous public pensions, according to the 2009 edition of the OECD’s biennial Pensions at a Glance. Some countries have already had to cut back on future public spending on pensions.” … continues on the website

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