World News

836 readers

1 users here now

Rules:
Be a decent person, don't post hate.

Other Great Communities:

Rules

Be excellent to each other

founded 1 year ago

MODERATORS

Deceptichum@quokk.au

Grainne@lemmy.dbzer0.com

PhilipTheBucket@quokk.au

Australia soon to be second in world for retirement savings as superannuation pool soars (www.abc.net.au)

submitted 8 months ago* (last edited 8 months ago) by Aussieiuszko@aussie.zone to c/world@quokk.au

3 comments fedilink hide all child comments

Australia currently spends around 2.3 per cent of our GDP on the aged pension, but that figure is falling (gross domestic product (GDP) is the value of all the goods and services created in a year).

"It'll go down to around 2 per cent by 2060," says Ms Delahunty.

"This is against a backdrop of an aging population with increased health needs.

"It's bucking the trend internationally. Most OECD countries are [spending] 9 per cent and growing, and they will be above 10 per cent by 2060."

you are viewing a single comment's thread
view the rest of the comments

[–] saltesc@lemmy.world 8 points 8 months ago* (last edited 8 months ago)

Whatever I earn, my employer pays an additional 17% of that to my super (agreed amount under a union). The national minimum is 11.5%. It's not taxed and it's invested in funds that make it snowball to large sums at retirement age.

You're allowed to withdraw some of under certain circumstances and it won't be taxed then either.