Australia’s comprehensive superannuation system means spending on the age pension will decline as a proportion of GDP by 2062-63 despite a doubling of Australians aged 65 and over, according to the government’s Intergenerational Report to be released on Thursday.
Expenditure on age and service pensions is projected to fall from about 2.3% of GDP in 2022–23 to 2% in the early 2060s.
