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Actuaries say Budget doesn't cut it
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| Bozenna Hinton
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The Institute of Actuaries of Australia has welcomed Federal Budget measures to increase national savings and establish Australia as an international finance hub, but said not enough was done to address Australia’s longevity issues.
Institute president Bozenna Hinton said she was concerned about the lack of Budget funding to tackle the issue of Australia’s ageing population as well as the absence of measures announced in the Henry Review response.
“If we do not act soon, the resulting longevity risk could be devastating,” Hinton said.
To address these issues, the institute recommended allowing the age pension to be deferred, removing barriers to innovation in the annuity product market and encouraging workforce participation by removing earned income from the age pension means test.
AUTHOR
Mike Taylor
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