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    The Australian retirement lottery: A system failure

    Access Status
    Fulltext not available
    Authors
    Ganegoda, A.
    Evans, John
    Date
    2017
    Type
    Journal Article
    
    Metadata
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    Citation
    Ganegoda, A. and Evans, J. 2017. The Australian retirement lottery: A system failure. Australian Journal of Management. 42 (1): pp. 3-31.
    Source Title
    Australian Journal of Management
    DOI
    10.1177/0312896214554267
    ISSN
    0312-8962
    School
    CBS International
    URI
    http://hdl.handle.net/20.500.11937/62574
    Collection
    • Curtin Research Publications
    Abstract

    © 2015, © The Author(s) 2015. The purpose of this paper is to assess the adequacy of the Australian retirement system to fund the needs of retirees by taking into account both the Knightian risk arising from market volatility under normal market conditions as well as the Knightian uncertainty arising from rare but severe market shocks. We have also taken into account changes in employment during the pre-retirement phase. Given the low frequency, high impact of market shocks, the result is that cohorts of Australian retirees will enjoy very different levels of retirement income and there will be consequent shocks to the demand for the Age Pension supplement and potentially, significant variations in the standard of living in retirement for Australian employees. Whilst the Australian retirement system has been put forward as a model for other economies to follow, we find there is a fundamental flaw in the system.

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